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Edited on Wed Mar-31-10 12:21 PM by Better Today
She's saying that "you" need to claim as income the difference between your rent and FMV of rent for the area. That's just not true. Now if you are being subsidized by your employer it is true, but not for any other relationship. For example, if you are the onsite manager of an apartment complex and you get a free or reduced price apartment, then that's income. But if you live with your parents, and get free room and board, that's not. Nor is it if you live with friends or in a friend's home while they are away, even if it is free. Another example would be housesitting, wherein the income made from watching the house through living in it while someone is gone, is limited to the transaction and what the house would be rented for, if rented, is not part of the taxable income consideration.
I mean seriously, if one of these Congress critters has family in DC area and chooses to live in their spare bedroom, would that be income for him? The only way I believe I would be wrong, would be if all Congress critters typically claim their DC rent as a campaign expense, or if these Congress critters did, which they must not have or their would be FEC data on how much they paid.
So unless C-Street and/or the Family are somehow the employers of these Congressmen, I don't think the concern regarding taxable income is valid.
Please if I'm missing something, tell me, I'm not claiming to be an expert, but this just doesn't sound right and I worry about the people that heard Rachel say "you" have to report it as income, will worry a bunch of folks who are in no way required to claim as income considerations on rental FMV.
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