Rent

Forum|Forum|2 years ago
February 2, 2024
1 reply
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Adult child lives in our home and receives SSI payments. Father is payee for SSI. If we charge our child monthly rent for room, board and other expenses, how is the money claimed?

DoninGA

Employee

Do you really want to have a formal rental agreement with the child and then have to complete all the rental income and expenses forms on a tax return along with depreciating the room in the home?

This situation is usually defined as family members just sharing expenses, which is not reported on tax return.

ras259Author

Our child is disabled and receives SSI payments. The rent will be taken from our child's bank account and given to us (parents/guardians). We have to keep track of his money to report to SSI. We will not have a formal rent agreement. It will just be shown as the money was paid for rent. We were assuming it would be income reportable to the IRS. But if it's just family sharing expenses as you said, then I guess that's what we can do. The money will probably go into a trust fund