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ekaloustianjr
Level 1

Money transfer through Chase Bank Zelle in excess of $600.00 per month.

I have a friend that transfer money through Zelle in the amount of $600.00. Am I now going to be taxed on this?

7 Replies
toastpost89
Level 2

Money transfer through Chase Bank Zelle in excess of $600.00 per month.

Would like this question answered as well.

 

Zelle is a wire transfer is it not?

 

”split the bill and pay with zelle”

 

So if you split the bill and have $600+ or multiple times of this occasion happening, how is that being taxed if at at all? 

toastpost89
Level 2

Money transfer through Chase Bank Zelle in excess of $600.00 per month.

Bump

Lizy0312
Level 1

Money transfer through Chase Bank Zelle in excess of $600.00 per month.

I have a similar question as well.  A tenant pays rent each month through Zelle.  Is that now taxable?

 

Thanks!

kdevere
Employee Tax Expert

Money transfer through Chase Bank Zelle in excess of $600.00 per month.

If you are transferring money through Zelle, then a transfer is not considered income, if it is an account transfer, then a 1099K would not be issued.  If it is a purchase or exchange of money for goods and services, that will generate a 1099K.  It is a function of how the money is sent, so a transfer of funds to friends or family for example would not trigger the 1099K.

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kdevere
Employee Tax Expert

Money transfer through Chase Bank Zelle in excess of $600.00 per month.

Great question!  If a tenant is paying rent and the recipient is the landlord, that is taxable income, reportable on the Schedule E as rental income to the landlord or property owner.  They will receive a 1099K for that rental income.

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VolvoGirl
Level 15

Money transfer through Chase Bank Zelle in excess of $600.00 per month.

@Lizy0312  Rent income is always taxable no matter how it is paid.   Have you been reporting rental property income & expenses on Schedule E?

 

Rentals are on Schedule E.  In the search box at the top of your return you can type in rentals and it will give you a Jump to box to go directly to Schedule E.

 

See, https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-income-and-expenses-from-...

 

You enter the property info and depreciate it over time

 

Here's some tax guides and videos on Rentals

https://turbotax.intuit.com/tax-tips/rental-property/

 

What kind of Rental expenses can I deduct?

https://ttlc.intuit.com/community/credits-and-deductions/help/what-kinds-of-rental-property-expenses...

 

What is Depreciation?

https://ttlc.intuit.com/community/rental/help/what-is-rental-depreciation-and-how-does-it-differ-fro...

 

IRS publication 527 on Rental Property….

http://www.irs.gov/pub/irs-pdf/p527.pdf

Lizy0312
Level 1

Money transfer through Chase Bank Zelle in excess of $600.00 per month.

@VolvoGirl Yes, I have.  Thanks.

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