Letting adult kid live in your home

[Anonymous]

We have an Airbnb which stayed empty most days, our daughter was paying a big portion of her income on her rental so we are letting her move in our unit to save money and have a nicer place. How would you handle rental agreement, verbal or written?

[Anonymous]

She is single but if change any year.

[Anonymous]

Are you paying a mortgage on it? I'd have her take over the mortgage, insurance and upkeep.

[Anonymous]

Anonymous wrote:We have an Airbnb which stayed empty most days, our daughter was paying a big portion of her income on her rental so we are letting her move in our unit to save money and have a nicer place. How would you handle rental agreement, verbal or written?

Absolutely written, just like for anyone else.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have an Airbnb which stayed empty most days, our daughter was paying a big portion of her income on her rental so we are letting her move in our unit to save money and have a nicer place. How would you handle rental agreement, verbal or written?

Absolutely written, just like for anyone else.

NP. Why? I'm just curious.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have an Airbnb which stayed empty most days, our daughter was paying a big portion of her income on her rental so we are letting her move in our unit to save money and have a nicer place. How would you handle rental agreement, verbal or written?

Absolutely written, just like for anyone else.

NP. Why? I'm just curious.

DP. For tax reasons. If you’re taking rent you need to claim it and you need a paper trail.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have an Airbnb which stayed empty most days, our daughter was paying a big portion of her income on her rental so we are letting her move in our unit to save money and have a nicer place. How would you handle rental agreement, verbal or written?

Absolutely written, just like for anyone else.

NP. Why? I'm just curious.

DP. For tax reasons. If you’re taking rent you need to claim it and you need a paper trail.

Thanks!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have an Airbnb which stayed empty most days, our daughter was paying a big portion of her income on her rental so we are letting her move in our unit to save money and have a nicer place. How would you handle rental agreement, verbal or written?

Absolutely written, just like for anyone else.

NP. Why? I'm just curious.

DP. For tax reasons. If you’re taking rent you need to claim it and you need a paper trail.

Why? Would it lower tax?

[Anonymous]

Its a small paid off unit.

[Anonymous]

None, she's your child.

[Anonymous]

Anonymous wrote:None, she's your child.

She is an adult.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have an Airbnb which stayed empty most days, our daughter was paying a big portion of her income on her rental so we are letting her move in our unit to save money and have a nicer place. How would you handle rental agreement, verbal or written?

Absolutely written, just like for anyone else.

NP. Why? I'm just curious.

DP. For tax reasons. If you’re taking rent you need to claim it and you need a paper trail.

Why? Would it lower tax?

You need to report the rental income (which also allows you to take expenses associated with the unit).

[Anonymous]

"So she can have a nicer place" ... hope she can afford your place. I don't think this is wise parenting unless she's at least close to being able to afford it on her salary.

[Anonymous]

A written lease could be important for her should she need to demonstrate residency for, for example, a drivers license renewal.

[Anonymous]

No agreement. My children are welcome as a matter of course.