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