Are you caring for an elderly loved one or parent? Then you may be wondering if expenses that were incurred during that care can be used as a tax write off. You might also be wondering if you can claim your elderly loved one as a dependent. There are some ways that you can claim care given to elderly loved ones on your taxes.

Becoming a Dependent

There are some guidelines for claiming an elderly loved one as a dependent. Usually it involves them making less than a certain amount in income during a fiscal year. This number changes from year to year so you will need to find out what that amount is for the year you are filing. This income includes nontaxable social security, disability payments and any other income that the elderly dependent has. Don’t forget to count pensions, tax dividends and any bank account interest as well. If you are unsure, then you should consult a tax attorney to see if your loved one qualifies.

Must Care be given to a Relative?

The short answer is no. Care given to any elderly loved one, related or not, can be added as a dependent. You still must follow the above guidelines where income is concerned. The person care is being given to must be part of your household for the entire year to qualify.

Medical Expenses

You can claim medical expenses for your elderly loved one if you are providing more than fifty percent of the support and if the costs represent a specific percentage of your income. Those numbers can change from year to year, so make sure to look them up or seek the assistance of an attorney.

For legal assistance with tax issues for an elderly loved ones, contact Stano Law group.