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demetri209324581

Question

If i receive Rent payments via Zelle from my banking app, do i pay taxes on that?

Forum|Forum|3 years ago
December 17, 2022
3 replies
0 views

With Cashapp and venmo now sending out 1099 forms, will zelle send out a 1099 as well?

TurboTax Live Premier Online

Employee

You have to ask Zelle. But you need to report all your income if you get a 1099K or not. Rent income is taxable.

@demetri209324581 - who are the rent payments coming from? is it a roommate who is just giving you half before you pay the landlord? is it from rental property? what is the situation?

Also, no one will be receiving a 1099-K for using the Zelle network

https://www.zellepay.com/faq/does-zelle-report-how-much-money-i-receive-irs

Employee

Weather you receive a 1099 or not, the rental income is reported on SCH E. It doesn't matter how you receive the income. Be it cash, check, Zelle, ACH transfer, or something else.