Question

son paying rent and living with me. how do I record that income

Forum|Forum|5 years ago
June 28, 2020
1 reply
0 views

My son and daughter-in-law live with me and pay "rent". I live in the house as my primary residence. How do I record that income (rent) and can I deduct any of the costs for the house against that income?

X

xmasbaby0

Employee

If this is just family cost sharing there is no need to enter anything about it on an income tax return. Do you have any sort of written rental/lease agreement with them?

@Carl11_2

comments?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

C

cdc87_ftAuthor

No I don't but in previous years I declared rental income - that was when I did not live in the house. I moved back in full time in 2018 and they still pay me something each month - it varies and no lease or written agreement.

X

xmasbaby0

Employee

I think no you do not do anything tax - wise with it, but since you have treated the house as a rental property in the past, we need some thoughts from another "Champ" named Carl who knows more about rental issues than I do.

@Carl11_2?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**