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My son lives with us and paid rent for a few months when he could afford it. Do I have to claim this income on my 2017 taxes?
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June 6, 2019
1:41 AM
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Investors & landlords
Yes, this is reportable income. If the rent was below fair market value then this is reported on line 21 by doing the following:
- Click Federal
- Wages and Income
- I'll Choose what I work on
- Scroll down to Less Common Income
- Click Start next to Miscellaneous Income
- Scroll down and click start next to Other Reportable Income
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June 6, 2019
1:41 AM
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Investors & landlords
You are merely sharing expenses as opposed to having a business relationship. I do not believe you have to report that income.
June 6, 2019
1:41 AM