Tag Archive for multiple support declaration

Claiming Parents As Dependents On Income Taxes

As more and more Baby Boomers are caring for elderly parents, the question often arises: “Can I claim my parent(s) as dependents on my taxes?” The answer to that is, “It depends.”

The IRS does allow parents to be claimed as dependents if certain requirements are met. The IRS always has requirements.

To meet the support requirements necessary to claim your parent as a dependent on your tax return, you must cover 51% or more of their support costs. These costs include food, housing or lodging expenses, clothing, and medical services and/or equipment costs. Read More

Written by | Posted in Adult- Dependent Exemption

Dependency Exemptions For Relatives Other Than Children

Harold Goedde

This article will discuss the requirements to claim a relative as a dependent, items considered as support and items not considered as support. It also discusses multiple support agreements.

Requirements for claiming an exemption. ALL of the following must be met or the exemption will be disallowed by the IRS.

Read More

Written by | Posted in Family Tax • Tax Deductions