The financial repercussions of all this for both parents and adult children alike could be very serious and run for years. It's important therefore to put a few financial ground rules in place if you are one of, or a parent of, the boomerang generation. Discuss whether or not a child will make a financial contribution to those additional household costs before they move home. If, however, the adult child is not paying rent to their parents, there would be no tax implications for the child or parents." “Contribute to the financial costs of the household.”BE CONSIDERATEBe mindful of any financial pressure your parents may be under — particularly if your parents are retired.

Source: Irish Independent November 15, 2020 01:52 UTC