Since your son is providing services to you in exchange for reduced rent, the value of his services is considered to be rental income to your property. On the flip side, the value of the rent he is receiving in exchange for the services he provides is considered to be self-employment income to him.
So, if this puts you in a situation where the total 'rent' received from your son is at the fair market value rate, then you can report the rental income and expenses all together as a single property.
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