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.**
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.**
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.**
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