WITAXLADY Posted June 9, 2022 Report Share Posted June 9, 2022 Renting from parent - a trailer home and the insurance is paying that - but does the parent have to claim the rental income? My take is of course -But Is there an exemption? special provision? I can't think of any - Parent could pay the utilities - and that would be an expense.. some depreciation, furnishings.. But it would be income.. Thank you for any advice and clarity. D Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted June 9, 2022 Report Share Posted June 9, 2022 13 hours ago, WITAXLADY said: Parent could pay the utilities - and that would be an expense.. some depreciation, furnishings.. If parents are receiving rent, then yes income. Are they paying fmv rent? Otherwise deductions are limited. 2 Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted June 13, 2022 Report Share Posted June 13, 2022 Why isn't it reimbursement of expense like most insurance is? Quote Link to comment Share on other sites More sharing options...
Lee B Posted June 13, 2022 Report Share Posted June 13, 2022 I believe that would a reimbursement of the children's expenses. The recipient of the rent, a motel or an landlord would have income. 1 Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted June 14, 2022 Report Share Posted June 14, 2022 7 hours ago, schirallicpa said: Why isn't it reimbursement of expense like most insurance is? To the child yes, but to the "landlord parent" it would be income. 1 Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted June 14, 2022 Report Share Posted June 14, 2022 16 hours ago, DANRVAN said: To the child yes, but to the "landlord parent" it would be income. So the question is - who is getting paid. Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted June 15, 2022 Report Share Posted June 15, 2022 8 hours ago, schirallicpa said: So the question is - who is getting paid. OP indicates parent is paid rent by insurance company. On 6/8/2022 at 8:09 PM, WITAXLADY said: Renting from parent - a trailer home and the insurance is paying that Quote Link to comment Share on other sites More sharing options...
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