Tax Help In Caring For an Aging Parent

Taking care of aging parents can definitely be financially draining, and you may have a lot of questions now that it is tax time. The following article can help ease your concerns. Thanks for visiting us at Advocare. We offer care management and in-home senior care placement services throughout the South Florida areas of North Palm Beach, Jupiter, West Palm Beach and Palm Beach Gardens.

They took care of you for years. Now it’s your turn.

Millions of adult children find themselves looking after aging parents. Tax laws offer some help, as long as you and your folks meet the criteria.

The key to Internal Revenue Service assistance in caring for an elderly relative is whether you can claim the person as a dependent. Any dependent must meet certain tests. While there is a little flexibility when dealing with children, fewer exceptions are granted when the potential dependent is older.

Things to consider if claiming a parent as a dependent:
  • Mom or Dad’s income, including Social Security.
  • How much support you provide for living expenses.
  • How much you contribute to a parent’s residential costs.
  • How much of your parent’s medical bills you pay.
  • Combined help of all siblings.

Despite the qualification obstacles, it doesn’t hurt to explore whether you can claim your parent as a dependent. If you and your parent meet IRS requirements, you’ll be able to claim an added personal exemption on your income tax return.

Then there are possible deductions and credits. If you pay medical expenses for a dependent parent, you may be able to deduct some of those costs. Hire a caregiver to help you out, and a credit could cut your tax bill a bit more.

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