Where do I report tips received from SoLo Funds (solofunds.com) in Free Tax Usa?

CRS1957
CRS1957 Member Posts: 2 Level 2
in Income

Where do I report tips received from SoLo Funds (solofunds.com) in Free Tax Usa?

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Answers

  • kiarab
    kiarab FreeTaxUSA Agent Posts: 80

    Hello,

    It appears that Solofunds is a website where you loan money to others and they pay you back (with interest, I imagine). If this is true, then that income is interest income and should be reported on the Interest Income section of our software. You do not need a 1099-INT to report income there.

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  • CRS1957
    CRS1957 Member Posts: 2 Level 2

    Thank you so much, Kiarab! After the lender receives their money back without interest, they also receive a tip. If the total of tip amount is more than $1000, where would i report it?

    I REALLY appreciate your help on this!

    https://community.freetaxusa.com/discussion/comment/1918#Comment_1918

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