What is considered household income for form 8557 if I am living with a friend
Does my friends income need to be entered?
03395
3 Replies
KatrinaB48
Expert Alumni
Mar 25, 2020 6:25:58 AM
Yes, you are required to include all this form of support on form 8557. According to the directions in Part IV, if family or friends are helping to support you, include that amount of support as a gift.
pollyvdz63
New Member
Mar 25, 2020 7:20:14 AM
So my entire income is considered a gift? Do I list all of my expenses also?
LeonardS
Expert Alumni
Mar 25, 2020 7:38:44 AM
Gifts are excluded from reportable income on Form 8557. This Healthcare.gov link What to include as income has information on what to include as income on your Form 8557. However, your income may not be accepted as a gift if it is determined that the sole purpose of calling your income a gift was to avoid reporting household income.