Answer Library

I care for my parents in my home. My parents occasionally give me money to pay for their share of household expenses. Is this money taxable to me?

The information provided does not, and is not intended to, constitute legal advice. Generative AI systems can make mistakes. Verify all important information. This answer was last updated on May 22, 2024. Please read our Terms of Use and Privacy Policy.

We used Ask Blue J to write a response:

No, the money your parents give you to pay for their share of household expenses is not taxable to you. You are simply acting as a conduit for the funds. The money should be used to pay for the expenses of maintaining the household, such as rent, mortgage, utilities, and groceries. You should not include this money as income on your tax return.

Sources:
Publication 525 (2023)
Publication 501 (2023)
Publication 1380
Publication 17 (2023)
Publication 225 (2023)

Have more tax questions? Try Ask Blue J today.
Get a DemoExplore all Questions

Welcome to the Answer Library from Ask Blue J, generative AI for tax research.

Try Ask Blue J today.

Get a demo

Discover More

Related Questions

Sections

Interested in seeing Blue J in Action? Just Ask

Get a demo