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Get your taxes done using TurboTax
Yes, if you are charging him below fair market rent value and he is simply sharing some of the household expenses, then it is cost sharing.
If you were charging enough for the purpose to be making a profit, that would be rent.
Click here for a HUD calculator to help determine fair market value rent.
This is an IRS tool to help you determine if the rent it is considered taxable income or if expenses can be taken as deductions.
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‎April 12, 2023
5:29 PM