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
doesnít 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 parentís main
home for the entire year. If you pay more than half the cost of
your parentís senior living or assisted care facility, that
counts as paying more than half the cost of keeping up your
parentís main home.
As with anything tax-related, you
will have to meet a few requirements. Once the requirements are
satisfied, youíll 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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The determination of the need for senior care services and the choice of a facility is an extremely important decision. Please make your own independent investigation.