My sibling and I have been living together for several years. We used to rent, but I recently bought a home, and to avoid complications down the road, it is solely under my name.
My sibling still contributes towards utilities and the mortgage cost, though it is significantly less than what it would cost to actually rent a house like the one I own. Roughly 3x to 4x.
Do I need to report the money they give me as taxable income? It would really mess up both of our finances to have to make that switch.
Or is there a way to reconfigure how we do things? I've had people suggest doing a $1 lease, and then doing the rest as a family gift, which I guess would be legal, but feels like bending the rules to me.
