Is the person receiving the rent reporting it as taxable income? FYI, we consulted an eldercare attorney in our state and she advised us we could either go with a roommate agreement (not taxable) or a rent agreement (taxable). She advised us if roommate to carefully accumulate costs (mortgage/utilities) and divide up on a fair basis, and if rent use comparables, but either way, get agreement notarized and report appropriately on tax returns.
Well thank you John. Not everyone feels that way. I try to reread what I write to make sure I don't offend, but seems that doesn't always work. 😊All is going well.
An agreement should have been made up with both agreeing to a certain amt and signed/witnessed. If not done, the same amount coming out of their bank acct every month will show a constant. The check showing "rent" in the memo might suffice .
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You always have concise answers without tearing anyone down. I always like to see your messages. I hope all is going well for you.
Happy Sunday,
John