Planning Ahead

Caring For Aging Parents

Can I claim my elderly parent(s) as a dependent on my IRS tax return?

Yes, if certain conditions are met. They must not earn more than $3,650 annually, and must live with you for the full year. You also are required to pay for half of their household expenses. If these conditions are met, there may be certain tax advantages, depending on your situation. And the tax advantages may help defray some of the costs associated with their care.


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