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jerit g | Living w/ parents and recently they want me to pay them $500 for rent/live in. Can I get a tax break? |
i live with my parents at there home and am 25 years old. they recently told me that I would have to to chip in monthly expenses. My friends pay up to $250 a month but they expect $500 from me. Is there anything I can do, i.e. tax breaks? We pay up to 2k in bills a month excluding a mortgage.
Additional Details
to answer some questions;
1. My friends do not live with me, i just asked them how much they contribute.
2. I make about 47k after taxes.
3. Already pay the home cellphone bill ($120) a month.
4. They expect me to pay home water, home gas, car insurance, and other bills. I have 2 younger sisters (younger than 18) no jobs and in school.
5. Dont you think $500 is a bit too steep? |
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Clay P
 |
Are they including all utilities in this rent they want you to pay?
Are they including food, clothing, and other necessities?
You actually could bargain with them to bring that payment down.
You need to look at your situation to see if you can get a better deal by moving out. You also need to then consider if it's worth moving out.
If the only apartments near your school or work are very expensive, but your parents live close by, you should stay with your parents, for example.
I can guarantee you that moving out will cost:
Rent: $350- 600 depending on your location.
Water/sewer/electric: add another $100
Food: $250 - 500 depending on your choices
Internet & cable tv: $100
Transportation, gas, insurance, clothing, etc.
You might still be getting a better deal at home, but it's possible that your parents have asked for so much because they really want you OUT.
Good luck! |
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miss.douchebag
 |
YES theres something you can do.You're 25 years old,you can get your own place and not expect to mooch off your parents.You're an adult its time to act like one. |
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donald e
|
no |
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stevexnelson
|
No. There are no tax breaks that you qualify for.
Try to reason with your parents.
Good luck. |
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☆skyblue
|
Sounds like your parents are trying to get you out of the house. I moved back home with my parents when I was laid off from work (I was 24). After I found a new job, I just stayed at home. After 2 years, my parents increased my rent so much, I moved out. Sounds like your parents are trying to do the same thing. For the amount of money you're making, you can live on your own just fine, and your parents know that. If you're dead set on living at your parents, work out a deal with them. Cook some meals, do more work around the house, ask how you can help out instead of paying a lot of money. As for the tax breaks, unless your name is on the mortgage, there's nothing you can do. You're seen as any other renter. |
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Judy1
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Frankly, at $500 a month you are getting out pretty cheap. If you think that's too much, look around and see if you can find an apartment and cover that and all your other living expenses on less than that.
No, you don't get any tax break for paying your share of household expenses. |
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bud68
 |
Rent and utilities are not tax deductible, regardless of who the landlord is. |
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smancini3
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Not on federal taxes. However, it depends on how much money you make and where you live... In Washington DC, if you make less than $22,000/year, there is a credit you can take for rent paid, however, then your parents would have to claim the rent as income (which legally they should be doing) on your state taxes. There are various state incentives for low-income individuals, but they are unique state to state. |
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clj02
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I am confused. Do your friends live with you at your parents house or with their parents? Either way, it is time for you to chip in. You are an adult now and it is your responsibility to begin caring for yourself. You do not get a tax break for living expenses in another's home. If you go out and get your own home, yes. That is really what you should do.
I applaude your parents for asking you to begin paying rent. That should motivate you to get out on your own. Because if you have to pay them rent anyway, you may as well be living on your own paying rent to a landlord. Good luck to you. |
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100% Organic Snarkâ„¢
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Try getting your own place for that where your food and all utilitiles are included. You can't get a tax break on living with your parents. THEY can because you're a deduction. |
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