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A parent owns a home. His son lives there and pays all living

A parent owns a home...
A parent owns a home. His son lives there and pays all living expenses directly.
Does this have to be reported as rental income on the parent?
The arrangement is that the son pays all expenses as if it was his house.
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Answered in 5 minutes by:
10/8/2013
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,245
Experience: Extensive Experience with Tax, Financial & Estate Issues
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Stephen G. :

Hello, my name isXXXXX & I'll be helping you today. My goal is to give you a complete & accurate answer that you can understand.

Stephen G. :

No. That would not be required.

Stephen G. :

However, you should note that if there's a mortgage on the property, the related interest expense would not be deductible by the son unless the son was also an owner of the property; the same with real estate taxes.

Stephen G. :

Questions?

Stephen G. :

If you need to contact me again with any tax or financial questions, you can just ask for "Steve G" at the beginning of your question. Thanks again for using us for your tax and financial questions. You may get a short survey from the site; if it isn't too much trouble I would appreciate it if you would answer it; the survey results are used to rate our performance;

Customer:

What if the parent pays the property taxes, can the parent deduct them on Schedule A?

Stephen G. :

Yes, as he owns the property.

Stephen G. :

If, of course he has sufficient itemized deductions to use rather than the standard deduction.

Customer:

Right. Thank you.

Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,245
Experience: Extensive Experience with Tax, Financial & Estate Issues
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