So we have a renter that for a few months paid via PayPal/Venmo/ApplePay Cash, and total rent was <20K so there was no 1099. They they paid via cashier's checks, and the bank let me encash in a way that the amount never showed up on my account. Now the bank says they have to deposit the money in the account, to maintain traceability, which makes total sense. (wondering why they realized so late)
So at what stage should I show this as rental income. The PayPal money and stuff I encashed, I have no paper trail of that money.
Now that checks are showing up periodically in my account, whats the recommended way to show this as "income". I mean there's no 1099 here, no W2. Is it totally up to me? Someone's gotta be monitoring this. OR does IRS not care about anything < 10K.
Want to see the real deal?
More inside scoop? View in App
More inside scoop? View in App
blind
SUPPORT
FOLLOW US
DOWNLOAD THE APP:
FOLLOWING
Industries
Job Groups
- Software Engineering
- Product Management
- Information Technology
- Data Science & Analytics
- Management Consulting
- Hardware Engineering
- Design
- Sales
- Security
- Investment Banking & Sell Side
- Marketing
- Private Equity & Buy Side
- Corporate Finance
- Supply Chain
- Business Development
- Human Resources
- Operations
- Legal
- Admin
- Customer Service
- Communications
Return to Office
Work From Home
COVID-19
Layoffs
Investments & Money
Work Visa
Housing
Referrals
Job Openings
Startups
Office Life
Mental Health
HR Issues
Blockchain & Crypto
Fitness & Nutrition
Travel
Health Care & Insurance
Tax
Hobbies & Entertainment
Working Parents
Food & Dining
IPO
Side Jobs
Show more
SUPPORT
FOLLOW US
DOWNLOAD THE APP:
comments
PayPal, Venmo, and ApplePay cash do have paper trails, the IRS can easily get them in an audit.
If you are in California, renters report payments to the FTB, if you don’t report the income, they will eventually find you.
It’s business income, there doesn’t have to be a 1099 or W2 for you to still need to pay taxes on the income.