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?
I have a similar question as well. A tenant pays rent each month through Zelle. Is that now taxable?
Thanks!
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.
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.
@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.
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?
What is Depreciation?
IRS publication 527 on Rental Property….