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 .
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.
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.
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