Ways to cut the costs of your adult child living with you
It is getting more common for many families that children still live with their parents. The parents claim that children do not pay any rent and do not cover the utilities expenses. Thus, the specialists came up with a few ways to cut the expenses in such cases.
First, they say that you can claim that your grown-up child is dependent. The difficulties with this way are that you would have to prove that officially. Moreover, it is only applicable if he or she earns less than $4,000 a year.
The other way to save money is to let your child officially rent the apartment or a part of it from you. However, especially in the legislature of the United States, the laws are very strict for that. You can easily rent it to your child, but then it will automatically cancel the “dependent” call you made on your child. Moreover, the USA Today informs that certain damages that you can officially order your child to pay will later impact the price of the house on case you want to sell it. The other ways to cut the budget might be to hire the junior to work with you at home or sharing the insurance. The specialists recommend looking carefully into each case.
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