scraig63
Returning Member

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?

 

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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Investors & landlords

You are merely sharing expenses as opposed to having a business relationship.  I do not believe you have to report that income.