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Old 03-18-2016, 09:55 PM
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Income from Managing Family Rental Property

My husband manages his mothers rental property. From the profit--she gives him $200 each month. He is power of attorney for her and she already pays taxes on the income from the rental property. Do we have to claim the $200 monthly income on our tax return? I was told it could be considered a "gift"--there is no documentation that my husband works for her or techincally manages the property--he isnt really employed by her.



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Old 03-19-2016, 02:21 AM
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My husband manages his mothers rental property. From the profit--she gives him $200 each month. He is power of attorney for her and she already pays taxes on the income from the rental property. Do we have to claim the $200 monthly income on our tax return?=============
No you can not deduct the $200 monthly income as it is taxable income not gifts; gift is someone gives something of value without expecting anything in return.

I was told it could be considered a "gift"--there is no documentation that my husband works for her or techincally manages the property--he isnt really employed by her.========actually I do not think it is gift; it?s not a gift if it is given to you for your service.



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