As your Dad’s caregiver, you’ve spent a lot of time—and money—providing him with the support he needs. You’ve found that you’re not only emotionally drained, but financially drained, too. Fortunately, being Dad’s caregiver, there are caregiver tax deductions that can lessen the strain a bit. In the most recent Internal Revenue Service (IRS) tax tips for tax deductions and credits for caregivers, it states that you can deduct the money you paid to cover your loved one’s unreimbursed medical costs—if the medical expenses of everyone claimed on your filing totals more than 10 percent of your adjusted gross income. This could be dental treatments, cost of transportation to get to a medical appointment, health insurance premiums, or qualified long-term care services. If you are unsure if you are qualified for claiming caregiver tax deductions, consult with a tax attorney or accountant about your situation before filing for taxes. To claim your parent as a dependent, they must meet the following criteria: 1.You (and your spouse if filing jointly) are not a dependent of another taxpayer. 2.Your parent, if married, doesn’t file a joint return, unless your parent and his or her spouse file a joint return only to claim a refund of income tax withheld or estimated tax paid. 3.Your parent is a U.S. citizen, U.S. national, U.S. resident alien, or a resident of Canada or Mexico. 4.You paid more than half of your parent’s support for the calendar year. 5.Your parent’s gross income for the calendar year was less than the exemption amount. 6.Your parent isn’t a qualifying child of another taxpayer. 7.If your parent is your foster parent, they must have lived with you all year as a member of your household. To prepare for these deductions, create a folder where you can compile all of your receipts and payments that you paid out-of-pocket for Dad’s medical and non-medical expenses. This will make your tax deductions easier when the time comes to file you taxes.
- 9 Things that are Better with Age
- He’s 100, she’s about to turn 103, and they just got married!
- Swimming May Slow Down Aging By Decades!
- LCS FOCUSES ON BUILDING TECHNOLOGY-DRIVEN BUSINESS VALUE
- MEDICAL RESEARCH CLASS BENEFITS FROM LCS FOUNDATION DONATION
- What to Know About Caregiver Tax Deductions
- PODCAST: Current Usage of Technology
- PODCAST: Technology for Health, Wellness and Lifestyle Improvement
- $82 Million Windsor at Celebration Rental Community Delivers New Approach to Senior Living’s Silver Tsunami
- What’s Next for Technology in Senior Living