More to add to this scenario:
My mother will be living with me. Her sole source of income is Social Security Income. She and I will split living expenses. Monthly expenses are about $1,600 (mortgage and maintenance). My mom will provide $700 per month.
1. I do not need to report this as income as we are sharing living expenses. However, I cannot fully claim mortgage payments and property taxes.
2. Can I consider the $700 per month payment as a gift. Is this allowed?
Thank you
