Foreclosure Rental Property Tax
Foreclosure Rental Property Tax
Is it necessary to claim rental income when you move a family member in my house and pay "rent"?
My son and his family moved to my house with me when she lost her house in foreclosure. We refinished the basement and went to live there. He has been paying $ 1400/month I help with household expenses, repairs and property taxes. I'm not really "rent" for profit. He and his family have nowhere to live and I would not be able to keep the house without your help. I'm retired and have a small income (about $ 20,000 / year) of a part-time job. Thank you.
You probably is, but do not think it's a great thing to do otherwise. When the family moved, the contracts are not binding, etc. .. you are helping a family member. I think I do "under the table" is fine. Like you said, your house is not an investment property used as a rental, just family living with you to help with expenses. Good luck!
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