Claiming FMV income...

[AZ-Tax]

A thread started maybe a couple days ago regarding a son living with his parent’s house and paying very little rent. Some of the replies was son parent relationship may not fly but in addition to something that I have heard quite often regarding other tax issues other then rent, did the TP receive Fair Market Value (FMV) income. As you know if the TP is on the receiving end of an installment plan, a min interest rate or finance charge has to be included. I was watching a clip about congressmen sleeping in his Gov't office insteading of renting an appt or house in DC or surrounding area and also having a home in their home state UT. The topic was brought up, do these congressmen or women have to claim the FMV rent they normally would have paid, as income on this tax return?

Note: this question is NOT politically intended nor is it about fair or unfair taxes for we all know out tax system overall is not all that fair. I was not aware that us TP's did not pick up the rent bill or partial house payment of our Congressmen and Senators.

[Burke]

Well, the govt usually pays rent for or furnishes congressmen with office space. They don't charge them for it. And none of them have to report it as FMV on their tax returns, whether they sleep there or not. If anyone has to claim FMV of rent provided at less than FMV, it is the one who is providing it, not the one who is getting it. PS: Here is another tidbit. The govt also provides offices other than in Wash DC, and in the case of Senators, in numerous locations around his or her state. And the taxpayers do pay for the offices, in the form of income taxes paid. These expenses are in the budget. They do not pay for other, personal housing.