Tax Year Prior to 2020: I received cash for keys money to vacate my home after it foreclosed. Where do I enter that on my taxes?

[TomYoung]

You might want to look at this:

http://www.parkertaxpublishing.com/public/tax-cash-for-keys.html

and see if it fits your situation.  Here's the ruling itself:

https://www.leagle.com/decision/intco20161108i42

As you can see the "headline" on the article discussing the lawsuit is titled "Taxpayers Weren't Required to Include "Cash for Keys" Payment in Ordinary Income".

Tom Young

[DawnC0]

If the amount is taxable, it is entered under Other Miscellaneous income.  To get there, sign in and click Take me to my return.  Then:

Click on the Federal tab (left menu)

Click on the Wages & Income tab (top menu)

Scroll down to Less Common Income (last item)

Select Miscellaneous Income (last item) and click Start or Update

Select Other Reportable Income (last item) and click on Start

Answer the question "Any Other Taxable Income?'' with a Yes

Enter the Description - Cash For Keys Program and the amount

[Soulclap71]

I received cash for keys as a tenant whose landlord was foreclosed on, are these funds taxable?

[WKins2]

Yes, it would be considered taxable income and would need to be reported as Other Miscellaneous income in the program. 

To get there, follow these steps:

1. Login to your account

2. On the left side of the screen, click Tax Tools

3. Click Tools

4. Click Topic Search, type in 'Other Miscellaneous Income'

5. Answer the questions and follow the prompts and you will be able to enter in the other income on the return. 

[NCperson]

was any of that money for a deposit that wasn't returned? if so. not taxable

did you pay rent and then were asked to move out before the month was us?  then that part is not taxable

[Villarose]

I got a 1099 because my landlord didn’t pay mortgage payments. But I paid the rent. The bank foreclosed on property and was given a check. I had a lot of moving expenses, deposited and truck rentals.

[VictoriaD75]

Beginning in 2018, moving expenses are deductible only deductible in certain circumstance by military members. You cannot use the moving expenses to offset any income from the check received. However, if the money was a return of security deposit, it is not taxable. If the funds were a refund of unused rent, it is not taxable. "Unused rent" would be rent amounts paid in which you were asked to vacate the property before the term in which you had paid was complete.

Any other reimbursement would be included in other income and reported on line 8 of Schedule 1.

Follow these steps if you have a 1099-MISC:

• Under the Federal menu, click on Wages & Income
• Expand the menu for Other Common Income
• Click Start/Revisit next to Form 1099-MISC
• Enter the information as shown on your document

If you did not receive a 1099-MISC:

• Under the Federal menu, click on Wages & Income
• Expand the menu for Less Common Income
• Click Start/Revisit next to Miscellaneous Income, 1099-A, 1099-C
• Click Start/Revisit next to the first option, Other income not already reported on a Form W-2 or Form 1099

[collettephoto2]

As I prepare for 2020 taxes, I am concerned because my cash for keys is not showing up on my tax record nor did I receive a 1099. Should I report it as Other Common Income? Can I deduct the money I used on commercial rent as this is where the money was used? Can I use it for the moving costs and the temporary housing I had to pay for out of pocket as this was apart of this also? 

[Carl]

Can I deduct the money I used on commercial rent as this is where the money was used?

No. Moving expenses are just flat out not deductible in your case.

Can I use it for the moving costs and the temporary housing I had to pay for out of pocket as this was apart of this also?

Again no. Moving expenses are not deductible unless you are active duty military and the move was because of official PCS orders. So in your case, even if you are AD/MIL, your move was not because of official PCS orders. Therefore nothing is deductible. Period.