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twiin
New Member

Filing taxes in NY while unemployed but recieving cash deposits from family for rent

I live in New York and was unfortunately let go from my company where I had a high paying job. I have been unable to get a job matching the salary requirements for the rental unit I live in. As I have now pretty much cleaned out my savings, my family members are being gracious enough to help me pay the rent until I can find something substantial . Will I have to report the monthly cash deposits they give me for my rent as income? I will be receiving the cost of my rent and utilities/internet every month from now until whenever I can find a job again. The payments would be coming via Paypal and occasionally cash when I see them in person. I just moved to New York state last year and am still not familiar with all the state laws, so I do not want to get into some crazy situation where I suddenly owe a large sum of money  or get audited during tax return.

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2 Replies

Filing taxes in NY while unemployed but recieving cash deposits from family for rent

If the funds you are receiving are gifts from family, with no requirement to pay back like for a loan, then those funds received are not reported on tax return, federal or state.

Filing taxes in NY while unemployed but recieving cash deposits from family for rent

I assume that your family is gifting you the money in which case the money doesn’t have to be reported. If any one individual gives you more than $16,000 a year that person would file a form 709. 

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