2006-09-14 11:33:00 · 12 answers · asked by sippydo 2 in Business & Finance ➔ Taxes ➔ United States
This is YOUR INCOME. according the IFRSs. International Financial Reporting Standards.
This will be classified as RENT INCOME
2006-09-14 11:42:48 · answer #1 · answered by Think Big 2 · 0⤊ 1⤋
whitetras... is confused. Rent is not deducible. Technically, room and board is taxable to you as income. I would have him pay $500/month toward utilities and food for the household. This is the same thing under a different name, but is not legally taxable income.
2006-09-14 14:40:25 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
I like the idea of calling it a gift. If you did report it as rental income, some states require you to pay sales tax as well. Seem like more trouble than it's worth!
2006-09-14 13:39:01 · answer #3 · answered by Justin T 1 · 0⤊ 0⤋
If the room & board is in your private home and not rental property, Don't call it Rent.
Ask him for a $500 per month gift.
You can give a Gift to anybody you want of $12,000 per year without reporting it. You can receive a gift of $12,000 per your without reporting it.
2006-09-14 11:55:13 · answer #4 · answered by Joe the Expert 2 · 0⤊ 1⤋
Technically, any money you receive you are supposed to put it on your taxes. I'm not sure whether that would fall under income or as something else but you are supposed to claim it.
2006-09-14 11:40:40 · answer #5 · answered by Vero 3 · 0⤊ 0⤋
No. You're not in the business of renting rooms. It's a family transaction, no tax consequences.
2006-09-15 02:12:15 · answer #6 · answered by Adios 5 · 1⤊ 1⤋
Yes in the US. They only way around is if he pays cash. But he can still deduct it from his taxes by calming "rent" if he claims you have to claim is even if it is cash.
2006-09-14 11:43:09 · answer #7 · answered by whitetrashwithmoney 5 · 0⤊ 1⤋
I wouldn't think so if it's going towards household expenses.
2006-09-14 11:41:55 · answer #8 · answered by Anonymous · 0⤊ 0⤋
anything over $600 for the year must be claimed, this would apply to lottery tickets, bingo winnings ... etc etc etc ... so, yes.
2006-09-14 11:41:03 · answer #9 · answered by londonhawk 4 · 0⤊ 1⤋
You would in the UK, not sure about the US though, but I would expect so.
2006-09-14 11:34:55 · answer #10 · answered by Anonymous · 0⤊ 0⤋