Tax Tips for Family Caregivers
Claiming Your Parent as a Dependent
Updated January 23, 2020
You can claim a portion of up to
$3,000 in caregiving costs for one person and up to $6,000 for
two or more. Oddly, given the name, this tax credit does not
require that your loved one qualify as your dependent under the
IRS definition of the term.
Special tax rule for parents. If your qualifying person is your father or mother, you may be eligible to file as head of household; even if your parent doesn’t live with you. However, your mother or father must meet the qualifications as a dependent. Also, you must pay more than half the cost of keeping up a home that was your parent’s main home for the entire year. If you pay more than half the cost of your parent’s senior living or assisted care facility, that counts as paying more than half the cost of keeping up your parent’s main home.
As with anything tax-related, you will have to meet a few requirements. Once the requirements are satisfied, you’ll be able to receive an additional tax break for your efforts, designed to help offset the costs associated with caring for a parent.
Continue - Tips for Caregivers: What the IRS Allows (Updated January 23, 2020 )
Special tax rule for parents. If your qualifying person is your father or mother, you may be eligible to file as head of household; even if your parent doesn’t live with you. However, your mother or father must meet the qualifications as a dependent. Also, you must pay more than half the cost of keeping up a home that was your parent’s main home for the entire year. If you pay more than half the cost of your parent’s senior living or assisted care facility, that counts as paying more than half the cost of keeping up your parent’s main home.
As with anything tax-related, you will have to meet a few requirements. Once the requirements are satisfied, you’ll be able to receive an additional tax break for your efforts, designed to help offset the costs associated with caring for a parent.
Continue - Tips for Caregivers: What the IRS Allows (Updated January 23, 2020 )
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