rental income between family members
My elderly parents moved into my house. They want to contribute what they would pay if they were having to rent on a monthly basis. Generally we share the whole house although everyone has meals and we eat together etc but we all have our own bedrooms. If they contribute a regular monthly amount which I use for joint expenses utilities and maintenance, costco runs for house supplies, some of their personal expenses like creating a garden for them etc, should I be declaring this as income. I may be paying for bigger capital things like a new deck next year as well. If they didn't contribute towards big things I would have income but I have have had large expenses like new sheds for storage and a new deck next year. Do I need to be declaring the monthly amount and tracking it? I don't want to track receipts unless I have to but I want to do the right thing.
