Sibling supporting me, but not sure if any of it is counted as taxable income. If so, how do I report the income?

fellynbal — Fri, 07 Feb 2025 16:59:39 GMT

A sibling gives me money often, lets me live with them and another family member without paying rent, and helps otherwise. My sibling and I are both Adults.

If they may have gave me some of the income such as money or and other support, because I was doing chores or and whatever, but maybe also to support me, and sometime or so I may of had in my heart that I'm doing house chores as my service to them for help they gave me. Being that Services with income in return are generally taxable income, but if my family changed their INTENT why they were giving me money, would I still be required to report and pay taxes on that income they gave me, even if I may of had INTENT any time or so even if after they may of changed their mind, that I would give my services to the house for the income I get? Of course it is my duty to do house chores anyway if needed, regardless if I'm paid or not, and if I would do chores or not they will give me money, etc. They help me with money at least because I don't have a job to take care of myself. I'm searching for employment though.

If necessary to report and pay taxes on any of this, how would I report the income? I don't know the exact amount to report, so if I do report would I need to include all the money, and the value of rent I did not give money towards, and the value buying me food, etc.? If I overestimate how much, will that cause the state of New Jersey or and IRS to give me a larger refund if any than what I should be receiving? I don't want to cheat anyone. But if I under report income, then that may cause me to receive money that may not be due to me. I want to do things Honestly.

Does Turbo Tax have software and the correct forms to report this? I tried putting this under Household employee or on those lines but it may of rejected me somehow to maybe file online or and however for this category. Not sure what category it would fall under for taxes. I live in the state of New Jersey so how would I take care of this with New Jersey or and the IRS? My sibling does have their own Business, but they have not recorded me as an employee of their company. Mostly or all of what they employee people for is Handyman work.

Re: Sibling supporting me, but not sure if any of it is counted as taxable income. If so, how do I report the income?

xmasbaby0 — Fri, 07 Feb 2025 17:01:41 GMT

Gifts you receive are not taxable nor are they deductible for the person who gave them. You do not have to enter anything on a tax return about money being given to you by family members.

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Sibling supporting me, but not sure if any of it is counted as taxable income. If so, how do I report the income?

Re: Sibling supporting me, but not sure if any of it is counted as taxable income. If so, how do I report the income?