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I was paid for taking care of both elderly parents. How do I claim the income on a married filing jointly return.
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There are a couple of ways to approach this that depend on your total family tax situation.
They can each give you a gift of up to $14,000 a year and there is no reporting required. You have no income to be taxed and earn no Self-employment (Medicare and Social Security) credit. They would not be able deduct any of those funds on their taxes.
Your could report it as Self-employed income on Schedule C. Expenses that you incur are deductible also on your Schedule C.
They can take some or all of the expense as a medical deduction on their Schedule A. Money they pay you for food, and personal care items would not be a medical expense to them.
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From what I understand, we CANNOT deduct our 92 year old, dementia, invalid Mother because we make too much money. Even though we pay 100% of her costs, save it be health costs.
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Mom just qualified to receive VA Benefits to pay for Care - is that what you are referring to?
Thank You
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Family Funds ? Clarification for me if you don't mind
Thank You