If i receive Rent payments via Zelle from my banking app, do i pay taxes on that?
With Cashapp and venmo now sending out 1099 forms, will zelle send out a 1099 as well?
032466
3 Replies
VolvoGirl
Level 15
Dec 16, 2022 6:18:54 PM
You have to ask Zelle. But you need to report all your income if you get a 1099K or not. Rent income is taxable.
NCperson
Level 15
Dec 17, 2022 2:48:10 AM
@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
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.