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Can I report my parents for not claiming my rent money for 5 years to the IRS?

Brookfield, WI |

They took it and went gambling instead.. My wife and I lived next to my parents in a side by townhouse. They charges us $800/month for 5 years.

Attorney Answers 2

Posted

Why would you want to do something like that -- to your Parents? Your judgment on this is just wrong and what they do with their money is their business. If you think so little of them then move out of the home they have generously provided you at a bargain rent for a fixed 5 year period. FYI....even if you did report them they would be able to claim deductions for the now "rental" home that would likely offset any or all of the tax due on the additional $9,600 per year income.

My answer is not intended to be giving legal advice and this topic can be a complex area where the advice of a licensed attorney in your State should be obtained. Please click "helpful" or "best answer" if my answer added any value or add a "comment" if you have more info for me to help you get a better answer.

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6 comments

Asker

Posted

Because they used the $50k for gambling reasons instead. They have a gambling problem. They just accepted an offer on the town home so there will be no more rental income from anyone.

John P Corrigan

John P Corrigan

Posted

Then get them help through an intervention to obtain counseling if you care about their addiction issue.

Asker

Posted

I feel that learning the hard way is more ideal.

John P Corrigan

John P Corrigan

Posted

learning what - you are not teaching them anything other than that you are spiteful which will only hurt you when your parents pass and you are no longer a beneficiary under their will. What comes around goes around so I tell you this to make you pause and reconsider that the party learning a lesson from doing this will be you in the long run.

Asker

Posted

I don't expect to get anything when they pass. They stated to us that all the money will be spent at the casino.

John P Corrigan

John P Corrigan

Posted

tried my best....good luck to you and your parents that you can reconcile.

Posted

You could but the IRS likely would not do anything and your relationship with your parents would be in the toilet.

This is not legal advice but a general comment on society based on a limited set of hypothetical circumstances. No one should act or refrain from acting based on these comments without seeking appropriately licensed legal or professional advice. The author disclaims all liability in respect to actions taken or not taken based on his comments.

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