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Claiming parents and adult kids as dependents

Source: https://taxprotoday.com/news/claiming-parents-and-adult-kids-as-dependents?utm_campaign=tax%20pro%20today-jan%2027%202017&utm_medium=email&utm_source=newsletter&eid=977cafbae57d699e060554f2f68f52b4 - 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