Option Payment tax question

General Real Estate Investing
1

I have collected non-refundable option money for several houses I bought sub2. None of them have been exercised. Is this considered income for 2006?

Thanks!

2

Option consideration is not taxable as income until either (1) the option is exercised, or, (2) the option expires.

If your options did not expire in 2006, then the option consideration you received is not taxable in 2006.