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does rent a flat to live consider as gift?

Hi

 

I am a little bit confused for the concept for the gift. Let us take one example. If I rent a flat to live myself including my spouse and my kid. Sometimes, parent or parent in law may live here a while, who come to visit and also help take care of the kid. I think this is what the normal family will do. Shall we consider the room living to the spouse, kid, parent or parent in law as gift? I think no, right?  

 

Thanks,

 

J

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7 Replies

does rent a flat to live consider as gift?

There is nothing to enter on a tax return about having relatives visit and stay with you for awhile.  

**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.**

does rent a flat to live consider as gift?

No. And there are no tax consequences. 

does rent a flat to live consider as gift?

thanks. and I pay the rent and let my spouse and kid living in the flat. There are also no tax consquence, right?

 

 

does rent a flat to live consider as gift?

thanks. So no tax consequence for everyone, right?

does rent a flat to live consider as gift?

Right. 

Hal_Al
Level 15

does rent a flat to live consider as gift?

Q. Shall I consider providing living space to my spouse, kid, parent or parent in law as gift to them? 

A. Simple answer: No, in all four cases. 

 

Support of your spouse or dependent child, including shelter, is not a gift. Allowing others to stay temporarily in property you rent, for your own use, would also not be considered a gift.  

 

Paying rent for the domicile of a relative, who is not your dependent, might be considered a gift. 

 

 "Gift Tax" is somewhat of a misnomer.  Even though a gift tax return may be required, very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption.
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...  

does rent a flat to live consider as gift?

thanks

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