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Adult Children
Reply to "Letting adult kid live in your home"
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[quote=Anonymous]You're not talking about letting her live "in your home." You're talking about her making use of your rental property. We recently bought a place in a very nice suburb in the DMV and rented it to our kid and their spouse. We rent it to them for full fair market value and have a standard written lease. That way we can write off all of the expenses associated with the house against the rent and avoid income taxes. As a previous poster said, unless you're charging your daughter full market rent, anything that she DOES pay you for rent is income that you are taxed on and you can't write off expenses. If you don't plan on charging full market rent and treating your child like a non-family member, then I wouldn't put anything in writing at all. You're better off not doing it. [/quote]
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