Tax Breaks Available For Caregivers
Dear Savvy Senior
Are tax breaks available to caregivers? My wife and I provide financial support to my elderly mother and are wondering if it's deductible.
There is some tax relief available for adult children who support their aging parents, if both you and your mom meet Uncle Sam's requirements. Here's what you should know.
If you're supporting your elderly mother, to get a tax deduction you'll need to claim her as a dependent on your tax return. For the 2007 tax year, claiming an additional personal exemption would reduce your taxable income by $3,4...