Read this very relevant and helpful article from AgingCare.com about the tax impact of your caregiving!
Among the questions answered:
- I am a caregiver and my elderly parent lives in my home. Can I claim my parent as a dependent on my tax return?
- I am a caregiver and my elderly parent lives in my home. Can I file as head of household?
- Can I claim a medical expense for modifications I made to my home to accommodate my parent’s medical condition?
- My parents occasionally give me money to offset some of the cost of their care. Do I have to pay taxes on this money?
- I pay for some of my parent’s expenses medical expenses. Can I deduct these expenses on my tax return?
- As a condition of acceptance their assisted-living community, my parents relinquished all ownership rights in their home to the community. Does this arrangement have any tax consequences?
- My parent is suffering from dementia. I cash his/her monthly social security check and use the proceeds for his/her care. What are the tax consequences?
- My parent signed his/her home over to me. Does this transaction have to be reported to the IRS?
- I received a death benefit from my parent’s life insurance policy. Do I have to pay taxes on that money?
For more articles like this, see: Care for the Caregiver.
Know someone who worries about their elderly parent in Charlottesville, Staunton, or Harrisonburg Virginia? Care is There Geriatric Care Management can help! Have them contact me, Elizabeth, for a free consultation: 434.326.5323ext 2 or Elizabeth@careisthere.com.
For more information about our services, and to read testimonials from our clients, visit our website. Also, view this short video about our care management services.
Elizabeth Swider, Certified Senior Advisor and Certified Aging in Place Specialist
President, Care is There Geriatric Care Management
Support for independent living and long distance caregiving; assisted living enhancement
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