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Investors & landlords
Are you renting a separate home to your son? Or are you renting a room in your home to your son?
Do you have a formal rental agreement?
Rental income is reported on a tax return regardless of who the renter may be, relative or not.
However, if your son is paying for a room in the home where you also live then that is just a family member sharing expenses for the home and would not be rental income.
‎August 24, 2021
12:17 PM