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Old 01-29-2009, 05:15 PM
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Rent-free living

What is the name of your state (only U.S. law)? Maryland
Is it taxable to me or to my married son if he and his family live rent-free in my fully paid house? They will be paying expenses, such is maintenance, taxes and insurance.
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Old 01-29-2009, 09:50 PM
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Quote:
Originally Posted by nebous View Post
What is the name of your state (only U.S. law)? Maryland
Is it taxable to me or to my married son if he and his family live rent-free in my fully paid house? They will be paying expenses, such is maintenance, taxes and insurance.
No it is not taxable to you or your son. It may be considered a gift, but as long as the fair market value of the "rent" would not exceed 24k per year, that is a non-issue as well.
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