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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

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

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

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
rjs
Level 15
Level 15

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

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.

 

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