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MAG51
Returning Member

Is child’s room and board considered taxable income for parent

Is child’s room and board considered taxable income for parent?

6 Replies
macuser_22
Level 15

Is child’s room and board considered taxable income for parent

Yes.   There is no deduction for a child's living expenses.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
xmasbaby0
Level 15

Is child’s room and board considered taxable income for parent

Are you asking about room and board for college-----or in some other context?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
MAG51
Returning Member

Is child’s room and board considered taxable income for parent

My 20 year old son has a full time job and still living in our home.

He pays us a monthly room and board.

 

I wanted to know if that room and board is considered taxable income for his mother and I?

MAG51
Returning Member

Is child’s room and board considered taxable income for parent

He is not currently in school.

xmasbaby0
Level 15

Is child’s room and board considered taxable income for parent

That sounds like simple family cost sharing----not something to report on a tax return----unless you have some sort of written lease agreement with your son.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Mike9241
Level 15

Is child’s room and board considered taxable income for parent

you're sharing expenses. it is not taxable.

 

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