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posted Jan 29, 2023 5:35:17 PM

Do I need to add the rent payments my roommate sent me over cash app?

Me and my friend have had an apartment together for almost a year and since I created my account first to pay rent the company made me the only one able to pay the rent and not split it even though we both are on the lease. Not a problem but he pays me his half of the rent through cash app and it’s over $500 and he said we need to keep our statements for tax season but I’m not really seeing a place to put something like that on my taxes since I’m not really earning anything. Any clarification would help a ton!

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2 Replies
Level 15
Jan 29, 2023 5:43:03 PM

No you do not enter that.  That is just cost sharing between roommates.  It is not taxable income to you.  

Level 15
Jan 29, 2023 5:47:52 PM

The shared rent payments are not taxable. You don't put the payments on your tax return unless you get a Form 1099-K from Cash App. You should not get a 1099-K because the payments are personal, and below the amount that Cash App is required to report. But if you do get a 1099-K, come back here and someone will tell you how to handle it. For now, don't enter them in TurboTax at all.