I own the house and he pays me rent effectively. Do I have to pay taxes on this? If so, will Venmo send me the tax documents? Apologies for the noob questions
I own the house and he pays me rent effectively. Do I have to pay taxes on this? If so, will Venmo send me the tax documents? Apologies for the noob questions
> I own the house and he pays me rent effectively. Do I have to pay taxes on this?
Rent income is taxable income
> If so, will Venmo send me the tax documents?
Only if he’s been marking the payments as “goods & services” (i.e., using the “turn on for purchases” feature of Venmo). Still, you must report all taxable income regardless of whether you receive any tax documents from anyone else.
Yes you must report but most any money you spend on the house to maintain it is a write off so if you report both you might just break even.
You won’t need to pay income tax on the full amount you received for your roommate’s rent. There are [expenses and depreciation](https://learn.roofstock.com/blog/rental-income-tax-rate) you can deduct from the amount.
Venmo is submitting k tax documents which disclosed what you’ve received in their system.
It’s up to you to declare how much taxable income you have and does not need to be the Venmo number.
If youre not sure how to file, pay an accountant to do your taxes for you.
all personal income is taxable. Nothing has changed. If you find a dollar on the ground, technically you owe taxes on it.
The limits are calculated on an annual basis to my understanding.
Yes pay your taxes.
They will only send you a document if required by law. Some are and some parts. If they pay tax for you; you will get a form. If they report the income in question definitely make sure you report the income.
In this situation, you are a landlord selling a service. Regardless of how the money is transferred, you are legally required to declare it as income.
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Do you guys live together?
If you do, basically you’re just splitting the mortgage so I wouldn’t worry about it.
If the house is paid off, technically it is rental income but I would say most people in this situation don’t report the rent as income. If you’re worried about it, reach out to your accountant to find out how you should go about it
I really appreciate the information and i think its my
turn to give a return with good information man thank you!
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