Re: Female friend staying with me...need to report income?


"jaynews" <jaynews@xxxxxxxxxxx> wrote
My female friend is staying in my house in a separate room. She pays
around $300 a month in cash (way below market value). I don't think of
this as real rent. I think of it as contributing toward utilities and
groceries. I'm considering having her pay by check so there is a record
of her having contributed (so if it doesn't work out, she can't claim I've
been financially supporting her). If she wrote me a check each month
instead of paying cash, and then just wrote "for utilities and groceries"
on the memo of the check would it be necessary for me to report the income
on my tax return or not?



It just sounds like you are splitting expenses. There doesn't seem to be a
profit motive involved.

The splitting of expenses isn't a taxable event.




--
Paul Thomas, CPA
paulthomascpapc@xxxxxxxxxxxxx


.

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