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sciguy24
New Member

I'm over 24 and live with my parents. Is that considered income?

I'm over 24 years old and living with my parents. Is the housing (house, power, water, internet, food, etc) I'm getting here considered taxable income?

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2 Replies

I'm over 24 and live with my parents. Is that considered income?

No, living expenses are not taxable income.  

 

Earned income includes salaries, wages, tips, professional fees, and taxable scholarship and fellowship grants.

 

Unearned income includes taxable interest, ordinary dividends, and capital gain distributions. It also includes
unemployment compensation, taxable social security benefits, pensions, annuities, and distributions of unearned income from a trust.

I'm over 24 and live with my parents. Is that considered income?

No,  the freebies you are getting from your parents are not taxable income.   Do you have income from a job to enter on a tax return?   If not, what other income --if any-- do you have to enter on a tax return?   If you do not have at least $4300 of income (not counting Social Security) to enter then your parents can claim you as a dependent on their tax return.

**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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