rental income

[Lauren60]

Hi, I live in Florida and my daughter lives in my condo in NJ.  Governor Murphy talked about giving a tax credit to homeowners and renters.  I don't charge her anything but the HOA and property taxes.  Would it benefit her to declare that money as rent and how would it hurt me?  My husband and I both get SS and pensions.  We don't take any of our retirement money yet.  We have a couple more years before that.

Thank you in advance

[Cynthiad66 · Accepted solution]

There will be a relief for owners and renters in the new bill Gov Murphy just signed for fiscal year 2023

Phil Murphy has unveiled a property tax relief plan for nearly 1.8 million state residents for fiscal year 2023. Homeowners making up to $250,000 per year may be eligible for rebates averaging $700, lowering the effective rate to 2016 levels. And renters earning up to $100,000 may qualify for up to $250.

“This program will provide direct property tax relief to households regardless of whether they own or rent,” Gov. Murphy said. “While the state does not set property taxes, we believe that we must take action to offset costs and make life in New Jersey more affordable.”

Use this link for more details about the relief:  NJ Property Tax Relief

@Lauren60