Monies an adult child contributes to the care of a parent can be used as a tax deduction in a variety of ways on your tax return. The first consideration is the amount of money an adult child contributes; at least 50 percent of the parents' care must be contributed to begin assessing where and how the care of a parent would benefit your tax return
Financial Contributions To Assess
- Cost of the room provided
- Cost of a care facility
- Food, utilities
- Prescription costs
- Durable Medical Equipment Costs
- Medicare Advantage premiums, long term care insurance, deductibles, co-insurance payments
The Dependent Care Credit, Multiple Support Declaration, dependent qualifications and medical expense itemization are important areas to consider when filing a tax return if you are financing the care of a parent.
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Yes you can, just like when you are in the Military you can claim them and get them ID cards for services on the bases.
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