Venmo new income tax law
My tenants pay their rent to my Venmo account. It is set as friends and family. However, I already claim this income when I file taxes. What do I need to do in order not to count this as income twice?
My tenants pay their rent to my Venmo account. It is set as friends and family. However, I already claim this income when I file taxes. What do I need to do in order not to count this as income twice?
Simply keep track of the taxable income separately.
You will receive a 1099-K for the total transacted amount.
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