All Forum Posts by: J B.

I have no rental income. This is my second home my son lives in. The house was bought as cash sale with money from my retirement account.  My sons payments to me are used to pay taxes, insurance, utility bills, and upkeep on the house. I  get no profit from the house. My understanding is the house is not a rental by IRS rules. Just considering whether continuing  payments through Apartments.com could result in how the IRS views status being second home not for profit or rental for profit.  

Today I received a message from Apartments.com requesting tax id information. Stated that starting in 2022 amounts more than $600.00 will be reported with 1099-k and failure to provide the tax id will suspend any future payments through their payment system. A couple of years ago I bought a house for my son to live in. The house is in my name and my son makes the payments to my bank through Apartments.com (formerly Cozy). I make no profit from the payments going into my bank account to repay cost i incurred to buy  the house. I seen on the news the IRS is wanting to track banks accounts. But, unaware this was already in place. Should I comply or change payment arrangements?