New tax on Zelle payments
My 23-year-old son is paying me $200/month rent through Zelle for living in my house. Really, this only covers his food for two weeks, but my husband doesn’t want him to be a freeloader. Can I still accept payments through Zelle, or do I need to take cash?
Terry Says
Good question. You are doing the right thing, for sure, in making sure he understands his obligations. There is a place on the Zelle app to note if this is business or a “gift” to a “friend” and not for goods or services. I’d say this is a “love gift” both ways! And very defensible — but I’m not the IRS!
