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Are you reporting her payment as income to yourself?
The contract will keep her payment to you from being considered a gift. This matters should she need Medicaid in her future.
We charge her 700 a month.
Thank you for your reply.
I would consult elder law attorney to write up simple contact and do know that calling this "Shared livings costs" is better tax wise in most cases than rental income.
I don't think this is wrong and in fact think it is CRUCIAL and think it should have within contract when living will be reassessed as to whether working for both parties or not.
Of course, you should have a contract in place.
By the time all the above is considered, a I would be surprised if much real income is left, but the rent and deductions have to be reported. Where can you live with own room, kitchenette, food, etc for 700 bucks these days? Nor at that point would it be considered a gift.
As other have said, have an agreement written up to delineate these issues.
While it never hurts to have a lawyer do this, I will probably rankle some by suggesting you could do it on your own with the help of all the online resources there are now.
Medicaid knows that we have to pay to live and they do not view living expenses as gifting.
If you do a contract, you just made yourself a landlord and not a roommate and that comes with consequences that your CPA can help you understand. I believe it will cost you money to do it this way and I would discourage you from going that route, as you are obviously not her landlord. But, speak with your CPA and get guidance from them.
I also agree that at the end of the day, however it is structured, there really will be little to no "profit" left