How much should I charge my son to live at home?

Kim Luu-Tu, a financial adviser with Ameriprise, recommends asking for a percentage of the child’s take-home pay, anywhere from 10\% to 30\%, depending on the child’s current income and debt.

How much should I charge my teenager for rent?

You don’t need to charge the same amount he or she would pay to live in an apartment in your town. About $100 or $150 a month would do just fine. The money a child contributes to rent could go toward paying household bills. If you use this method, be sure to share with your child how you are spending his or her money.

When should parents stop paying?

In general, parents should seek to have their children be financially independent between the ages of 18 to 22, family finance expert Ellie Kay told Bankrate. That holds up with leaving school — whether it’s high school, a trade program, or college.

Can I claim my 18 year old son on my taxes?

Your 18 year old cannot claim himself. The IRS rule is if he CAN be claimed on another person’s return he cannot claim his own exemption. If your dependent has a W-2 for his after-school job, etc. you do not include the information on your own return.

Should parents collect rent from their children?

Some parents feel uncomfortable collecting rent from their children. They feel guilty about spending it or putting it in their own bank account. If you don’t want to use the money for yourself, you could set the rent aside in a special account.

What happens if a teenager doesn’t pay rent?

If your teen doesn’t pay rent, he’ll be free to spend his money however he wants. He may buy expensive things that won’t be able to afford once he has to pay rent. Your teen may grow more dependent on you.

How can I make my teenage son pay for his own bills?

Charge a little bit less for his room and board in your home. Decide what other expenses you’re going to make your teen responsible for paying. Car insurance, gas money, and entertainment are a few of the bills he could start to cover on his own.

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