Personal Loan Blog

The IRS considers any income you receive “in the form of money, property, or services” as taxable income. So if you get a nice little perk like additional money to rent an office out, then, according to the IRS, that money is actually no different than receiving a bigger paycheck. Even if you receive the money separate from your pay check, you still have to report it.

Cash payments count as taxable income. Even cash made from small jobs like babysitting count as taxable. If you are paid over $10,000 a year in the form of cash, you are required to file an IRS form 8300. If you need help filing a form 8300, you can get IRS Publication 1544, “Reporting Cash Payments of Over $10,000.”

If your employer is paying you rent to use property you own, it counts as rental income, which is taxable under the law. And if your boss pays you for renting the office out plus water and power, the money for utilities is taxable as well. All of this income should be reported on an IRS form 1040 Schedule.

No minimum amount of income is required for you to report. All income is reportable, even if you do not receive an IRS form 1099-MISC. Whether the amount is $5 or $5,000, whether it is in the form of cash or a check or some other form of payment, almost all money you receive during the tax year counts as income.