Guest guest Posted January 1, 2008 Report Share Posted January 1, 2008 Yes...you must claim the rent as income but you can write off certain expenses against it, e.g.; home owners insurance (pro rata), real estate taxes (pro rata)... Pro rata means the portion that applies to the room you are renting to your child. The average charge for rent is about $200 per month. There is probably no advantage to charging as high as $350 unless you can come up with expenses that cover it...higher rent WILL result in having to pay tax for the income. Ellen Ellen Garber Bronfeld egskb@... Re: Claim as a dependent I was told, you then have to claim the $350.00 a month as income. Has anyone else heard that? Suzanne On Jan 1, 2008, at 3:25 PM, tedmc@... wrote: > > This is how me and my accountant handle our child's SSI money. She > pays us > $350/month for room and board. We do not claim her on our tax form as > a > dependent. By doing so they may look as if you are supporting your > child. > Since you are not supporting your child and they are self supporting > your > income should not entry into the picture. > > Others may handle this differently. > > TED > > -- > McCannon Enterprises > 45W134 Rd. > Big Rock, IL 60511 > 630-556-3100 > 630-556-4FAX(4329) > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 1, 2008 Report Share Posted January 1, 2008 Hi everyone, I'd like to share this link: http://taxalmanac.org/index.php/Discussion:Dependent_qualification_of_ Disabled_Child It's a very interesting discussion on www. TaxAlmanac.org about SSI, disabled children, 'rent', etc. > > > > > > > > This is how me and my accountant handle our child's SSI money. > She > > > pays us > > > $350/month for room and board. We do not claim her on our tax > form as > > > a > > > dependent. By doing so they may look as if you are supporting > your > > > child. > > > Since you are not supporting your child and they are self > supporting > > > your > > > income should not entry into the picture. > > > > > > Others may handle this differently. > > > > > > TED > > > > > > -- > > > McCannon Enterprises > > > 45W134 Rd. > > > Big Rock, IL 60511 > > > 630-556-3100 > > > 630-556-4FAX(4329) > > > > > > > > > > > > > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 2, 2008 Report Share Posted January 2, 2008 Jan, I emailed you the link. You don't need to register unless you wish to ask them questions. > > WOuld it be a problem for you to e-mail the article to me? I don't want to > sign up for another website I'll probably never use. > My husband does the taxes and is STUBBORN about learning new things. I have > a feeling he hasn't got a clue about what he is doing with , our taxes > and the whole SSI thing. > THANKS > > Jan > > > > > > **************************************See AOL's top rated recipes > (http://food.aol.com/top-rated-recipes?NCID=aoltop00030000000004) > > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 2, 2008 Report Share Posted January 2, 2008 Yes, your expenses would be divided by 3. > > > > > > > > > > > This is how me and my accountant handle our child's SSI > money. > > She > > > > pays us > > > > $350/month for room and board. We do not claim her on our tax > > form as > > > > a > > > > dependent. By doing so they may look as if you are supporting > > your > > > > child. > > > > Since you are not supporting your child and they are self > > supporting > > > > your > > > > income should not entry into the picture. > > > > > > > > Others may handle this differently. > > > > > > > > TED > > > > > > > > -- > > > > McCannon Enterprises > > > > 45W134 Rd. > > > > Big Rock, IL 60511 > > > > 630-556-3100 > > > > 630-556-4FAX(4329) > > > > > > > > > > > > > > > > > > > > > > > Quote Link to comment Share on other sites More sharing options...
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