Is income from a relative who lives with you-- rents a room or in-law apartment-- taxable? Relative is not a dependent?

Technically, yes. But, if they always pay in cash........well, you get the picture. OldHippieHatesNewAV 49 months ago.

It depends. If the room is especially set up as a rental property, the tenant signs a lease, and you act as a landlord, the rent is income to you and has to be reported. As stated in other answers, the cost of advertising, maintenance, insurance, etc. are all tax deductible and can be used to offset the income.

But, if this relative is living your home or an in-law apartment, and you are not offering the room or apartment as a rental property, the money the relative is giving you can be considered sharing expenses, or a gift from the relative. A person can give up to $13,000 a year to anyone else with no income tax or gift tax. Just treat the money as a gift from the relative or a sharing of expenses and there is no income to report.

But, if you are in any way tax deducting any expenses associated with the room or apartment, the money is now considered rent as needs to be reported as income. WEALTHADVISOR 55 months ago.

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