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Investors & landlords
The IRS does not consider your situation to be a "rental" if you are renting from a family member at below fair market value. Thus from a tax perspective no formal rental agreement is necessary.
Also, sharing the cost of goods or services from which you yourself benefit does not constitute a gift.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
‎July 9, 2023
8:39 AM