asked

If my mother, who lives with me and draws social security, starts paying me a small amount of rent to help with the bills, do I have to report that as income on my taxes?

December 9th, 2023

Sign Up to View Answers

Create an account to view answers and interact with the community!

Related Questions

I incorporated an LLC on October 24, 2013, and haven't conducted any business under that name. I also haven't filed Form 1065 for 2014 and 2015. How can I update this with the IRS, and what is the process for closing the firm? Are there any fines from the IRS that I should be aware of?

July 4th, 2023

I am a retired New Yorker planning to relocate to Texas, Georgia, or Florida in 2016. I want to avoid paying New York State tax on IRA distributions used for a down payment on a new residence. How can I make this transition to avoid state tax on my IRA withdrawals?

July 7th, 2023

I have a timeshare that I bought in 2010 for $8,000. I am unfortunately preparing to sell it for a loss this year. What are my potential tax benefits from this? Can I claim it as a capital loss? What is a capital loss and how can it benefit me for my next tax return?

December 17th, 2023

My 90-year-old mother, a US citizen who has lived in Canada for the last 40 years, is about to die and will be leaving me a bank account with a six-figure balance. I've been a cosigner on this account for some time, and by Canadian law, this account is excluded from her legal estate - the ownership of the account will be mine at her death. What US IRS forms should her estate in Canada file if any? What forms do I file to account for the money when I transfer it here to the US after she dies, and then what forms to account for it on my annual tax return? My understanding is this amount (US $150K) should not trigger estate or gift taxes. Correct?

June 3rd, 2023

I need a suggestion for a specialist with a bank account to open for fundraising to help in Ukraine. I need a simple way for donors to send money via credit card (CC) and for me to make purchases without high APR. Is it possible to use a regular CC with a changed interest rate or no interest since the funds are for helping others? Are there any suggestions for a sort of preloaded funds card that can be spent with no interest charging?

January 18th, 2024