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And remain anonymous
Additional Details
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Nunya | If I got paid out-of-pocket money from a family friend, can i use that as income on taxes? |
Me and some friends helped a family friend do some work on his house. We helped to drywall and put down carpet in his basement.
He paid us with ...Cash...money.
Can I submit this as income??
Does he have to file it also?What if he already has filed taxes?
This income will put me over the 3,000 income mark to get this years rebate.
Additional Details
independent college student |
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fhharris
 |
You could put it on your return as self employment income and you would be responsible for the self employment taxes. This would be submitted on schedule C. However you could always deduct any expense you had in making the money like supplies you purchased and had receipts for. |
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pixels
|
Yes, you can put it as income, as it was money received in exchange for work you did. BUT then you are opening a huge can of worms for him. He has to file it also, as well as pay taxes on it (social security, worker's comp, etc).
Sounds like you won't make the $3,000 income mark this year, but you can still get the rebate next year if you qualify for it. |
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Doctor Deth
|
you would have to do a schedule C for your tax return - it's a cost to your friend - not income - he doesn't have to do anything regarding it |
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coleblondehead
 |
How old are you? If youre a young person
student and your parents still claim you
then no, you wont get the rebate even if
you file, youll get your refund or claim a
loss for the business venture, make sure
nobody is claiming you, then go for it,
youll get the 300. Your family friend could
ammend his return if the money he gave
you helps him get more money, you could
ask him toget an estimate, but I doubt
he will, he already maybe got his money,
but that doesnt mean you cant claim it,
you still can, but you would owe money on
that amount, so have to claim expenses
did you buy tools, stuff to do this job
if not its not worth fiing, you will owe
probably the same amount from the
rebate, its money under the bridge so
why report it, maybe next year if youre
turning this venture into a business then
you could start filing your costs and
expenses. |
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Judy1
 |
You not only can, but are required to if you got over $400 or if you file a return for any reason. You'll report it on a schedule C or C-EZ, and also fill out schedule SE to calculate your self-employment tax on that amount. |
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adam/penny
|
not without getting that friend and yourself in trouble for not paying other taxes that are due each time you get paid. such as social security, FICA, state taxes, etc.
BE CAREFUL WHAT YOU DO FOR ALL YOUR SAKES.
that's would be what's known as opening a can of worms. |
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frissy
 |
Yes, and you SHOULD report it as income because it is income. |
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unicorn
|
Technically yes you should report it. It is taxable income even if it is cash. As far as qualifying for the rebate, as long as someone else did not claim you on their taxes as a dependent, you would qualify for the rebate. If your parents or someone else claimed you on their taxes they will qualify for the rebate not you. |
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FRANK
|
Yes, you do need to report that income, if you file income taxes. Your income is at a level where you do not need it file taxes. BUT, you need to file if you want to get that rebate.
The neighbor does not have to file any documents to report the payment, so do not worry about that. |
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