Sandra Fay •
Do you use an online source to rent out a room or vacation home or provide transportation to others that you receive payment for? You might even use Craigslist or post it in the newspaper. Did you know that this needs to be reported on your income tax return, even if you do not receive a Form 1099-MISC or other reporting form for that rental income? The payment you receive is considered taxable as income for which you are responsible for paying taxes on at year end. Depending upon how often you rent, you might want to make an estimated tax payment in relation to this.
Do you use an online source to rent out a room or vacation home or provide transportation to others that you receive payment for? You might even use Craigslist or post it in the newspaper. Did you know that this needs to be reported on your income tax return, even if you do not receive a Form 1099-MISC or other reporting form for that rental income? The payment you receive is considered taxable as income for which you are responsible for paying taxes on at year end. Depending upon how often you rent, you might want to make an estimated tax payment in relation to this.
