adult child, who resides with me, pays rent to me

Hello,

According to federal tax guidelines, my child is considered a single, independent tax filer.

I charge my adult child, who resides with me, a minimal rent payment.

I would like to inquire about the tax implications of this arrangement.

Specifically, I am wondering if I am required to declare this rent payment as income on my tax return.

Additionally, I am curious if my child is eligible to claim the Wisconsin Renter’s and Homeowner’s School Property Tax Credit on their tax return, given that they are paying rent.

The credit is available to individuals who paid rent during 2024 for living quarters that served as their primary residence or who paid property taxes on their home.

Thank you for your assistance in clarifying these tax matters.