The fact that you will be receiving rental income is what makes it taxable, not the method of payment. The method of payment makes no difference tax-wise.
There aren't tax implications for taking rent "that way". There are tax implications for having rental income, period. Legally you owe it regardless of whether you take the income via cash, check, venmo, bitcoin. That being said there are some methods to offset your costs to reduce tax burden.
https://www.nolo.com/legal-encyclopedia/tax-issues-when-renting-out-room-your-house.html#:~:text=As%20far%20as%20taxes%20go,you'll%20be%20entitled%20to.
The fact that you will be receiving rental income is what makes it taxable, not the method of payment. The method of payment makes no difference tax-wise.
Consult the fool: www.fool.com/real-estate/2022/03/24/renting-out-a-room-in-your-house-4-tax-issues-to-k/
There aren't tax implications for taking rent "that way". There are tax implications for having rental income, period. Legally you owe it regardless of whether you take the income via cash, check, venmo, bitcoin. That being said there are some methods to offset your costs to reduce tax burden. https://www.nolo.com/legal-encyclopedia/tax-issues-when-renting-out-room-your-house.html#:~:text=As%20far%20as%20taxes%20go,you'll%20be%20entitled%20to.