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New Member
posted Nov 18, 2022 8:36:20 AM

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
Level 15
Nov 18, 2022 8:38:47 AM

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.

Level 15
Nov 18, 2022 8:40:59 AM

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.