Ask your tax advisor whether you can claim your parent as a dependent on your taxes. There are some hurdles to qualify for this deduction -- you have to be able to show that you pay at least half of your parent's yearly expenses -- but if you and your parent do meet the requirements, you can reduce your taxable income by $3,300 and claim a range of deductions including a portion of your parent's medical and living expenses, as well as the costs of nursing home care.
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Offsetting the Costs of Caregiving
By Anonymous Caring.com community member
- ID:
- 7123
- First Published:
- 08-Oct-2007
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