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NWExplorer
Returning Member

Zelle rent payments and 1099k starting Jan 2022

I have been collecting rent (and utlities) via Zelle, and reporting it on taxes.  I use TurboTax Premier.

 

I have heard that starting Jan 2022, that for any payment I receive over 600 it would be reported to IRS under Income.  

 

Is there a way to corelate that the income reported on 1099K is the rent received.     Will Turbo Tax help me with it ?

1 Reply
Critter-3
Level 15

Zelle rent payments and 1099k starting Jan 2022

You are worrying about nothing ... the 1099-K  can be entered as income anywhere appropriate on the tax return including the Sch E.  So for you nothing has changed ... ignore the 1099-K entry section and simply enter the rent as rent on the Sch E ... end of story. 

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