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Hi, We have an adult son living at home.He contributes to the house hold. Do we have to pay taxes on that money? If so how much? Irene

 

Hi,

We have an adult son living at home.He contributes to the house hold. Do we have to pay taxes on that money? If so how much?

Irene

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Don't put this on your tax's unless he is paying for everything.

Since you did not mention the age of your son, you need to look at this web page from the IRS regarding your question.

Don't sweat the petty things and don't pet the sweaty things.

Are you kidding ? NO WAY, as a matter a fact not only do you not offer that information, I would claim him as a dependent who pays nothing towards anything. where does his money go ? who knows ? who cares ? as long as it's not spent entirely on drugs and whatnot ? it just go's... movies, dates, fast food, whatever ? but I don't see you receiving a penny for anything, including the food he eats out of your refridgerator (which I would write off also) hope this helps!!

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