Hi - I am new to this situation and don't want to mess this up tax wise and so just joined the Community and am asking for help with this situation.
Question: If my grown child makes payment for mortgage and utilities, is that considered rent?
Background: My wife and I purchased a house 3 years ago in another state with the intension to make it our retirement home. Rather than leave it vacant a young adult child moved into the house. Due to aging parents our retirement was delayed until earlier this year. We have now purchased a different retirement house and the adult child has begun making the mortgage payments (has been paying the utilities). We lose a little money monthly on the deal, plus have been paying maintenance costs. Question: Is this considered rental income?
