Supporting Elderly Parents? How to Qualify for Tax Deductions
If you’re helping out your elderly parents financially, don’t forget about taxes. The personal-finance blog MoneyNing explains what qualifies an adult child for deductions:
Generally, the eligible taxpayer must provide more than 50% of the financial support for eligible expenses such as food, lodging, clothing, education, medical and dental care, recreation and transportation. That a parent lives with the taxpayer is not required to claim the exemption – only that the taxpayer provide more than half of their financial support for eligible living expenses.
The post also talks about child-related deductions, in case you care for both. Check it out here: “Sandwich Generation Are Eligible for Tax Relief for Supporting Parents.”
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Leigh Ann Otte is a freelance writer who covers finding and paying for senior care for OurParents.
I supplement my mother’s income by at least $400.00 per month. Sometimes more, depending on what is going on with her health and such. Which is about 4800.00 per year. I make monthly transfers to her account and was wondering if there is anyway I can use this toward reducing my taxable income at the end of the year?