An elderly relative moved in with me and pays me monthly to help with costs to care for him. Does IRS consider this income?

[jdefl4444]

An elderly relative moved in with me recently and I'm his sole caretaker. He is now paying me $700 a month to help with costs and loss of my own self employment income due the considerable time it takes away from working on my business. Does IRS consider this monthly payment from him as income?  Thank you.

[DoninGA]

No, that is not income to you and is not entered on a tax return.  That is only family members sharing expenses.

[TomK2023]

That is just family members sharing expenses and does NOT need to be declared as income.