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Get your taxes done using TurboTax
If the amount you receive simply represents cost-sharing in the family home, then you don't need to report it as income at all.
If it's a more formal rental agreement and not just cost-sharing, you could report the income but only deduct expenses up to income. See this TurboTax tips article for more information on rentals and this article about how to enter the information. You would need TurboTax Premium (Online) or Premier (Desktop).
See this IRS tool to help determine whether rental income is taxable.
See IRS Publication 527 for more detailed information about rentals.
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March 4, 2025
9:39 AM