The Transylvania Times -

Tax Breaks Available For Caregivers

 

February 22, 2008



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.

Tax Breakers

Dear Breakers,

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.

Tax Tests

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...



For access to this article please sign in or subscribe.



 
 

Powered by ROAR Online Publication Software from Lions Light Corporation
© Copyright 2019

Rendered 04/16/2019 15:22