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Claiming parents and adult kids as dependents
Source:
taxprotoday.com
- Jan 27, 2017
Changing national demographics may be producing a new kind of dependent: parents and adult children of middle-aged taxpayers, according to the National Association of Enrolled Agents.
“If you are assuming the day-to-day care and financial support of a parent and that parent qualifies as a dependent, you may be eligible to claim additional tax benefits,” said John Dundon, an Enrolled Agent in Englewood, Colo. “Your parents can live in their own home or in a retirement community and still be legally claimed as dependents – so long as they meet IRS’s requirements for a dependent.”
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Category: General Business
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