Do I report income on my taxes if I receive money from my mother?
Magster asked...
Do I report income on my taxes if I receive money from my mom who lives with me? I would receive a small amount each month which helps offset the added utility bills.
Expert Answer
Barbara Steinberg is the CEO and founder of BLS Eldercare Financial Solutions, which specializes in helping families pay for long-term care for their loved ones. A registered financial gerontologist, she speaks regularly on the topic of paying for long-term care and is a financial expert for Caring.com.
Your mom is helping you for the additional expenses you are incurring because she is living with you. This is not taxable income. If you were caring for her and she waas paying you for the care, then you would be receiving taxable income. You should document the payments you receive from your mom in case you need to apply for Medicaid in the future.