It depends. Taxpayers are able to claim parents as a dependent if certain conditions apply. The parents do not need to live in the taxpayer's home. However:
- The parents must have gross income of less than $4,200
- You must provide more than half of their total support
You will sum the amounts of annual rent, medical, utilities, meals, etc. and determine if you contribution exceeds half of the total cost. If these conditions apply, you could be entitled to the Credit for Other Dependents, which would reduce your tax liability by $500 per dependent.
Steps to Claiming an Elderly Parent as a Dependent
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