Question: I care for my parents in my home. My parents occasionally give me money to pay for their share of household expenses. Is this money taxable to me?
An amount of money that your parents give you to offset their expenses is not taxable to you. This amount is treated as support provided by your parents in determining whether your parents are your dependents.
See Publication 501, Exemptions, Standard Deduction, and Filing Information.
Category: IRS Procedures
Subcategory: For Caregivers