Dependents

Forum|Forum|5 years ago
April 26, 2021
1 reply
22 views

Our Daughter and her 3 children have been living in a condo we own all of 2020. We pay for everything related to the condo, Condo Fees, Utilities, Taxes, Insurance, etc. We also provide a direct deposit of $500 per month into her bank account. She does not have a job and survives on what we provide plus child support.

I was thinking there must be a method for us to deduct some of this from our taxable income.

Best answer by xmasbaby0

It sounds like maybe you could be claiming your daughter and her children as your dependents. And of course you should be entering any mortgage interest and property tax that you are paying for the condo. You cannot deduct anything for the cash you are giving her--gifts are not deductible. Your homeowner insurance and condo fees are not deductible, nor are the utilities since you are not being paid any rent.

Go through the IRS interview to see if you can claim your daughter and grandchildren as dependents:

IRS interview to help determine who can be claimed:

https://www.irs.gov/help/ita/who-can-i-claim-as-a-dependent

https://ttlc.intuit.com/questions/3113432-who-can-i-claim-as-my-dependent

xmasbaby0

Answer

Level 15

Go through the IRS interview to see if you can claim your daughter and grandchildren as dependents:

IRS interview to help determine who can be claimed:

https://www.irs.gov/help/ita/who-can-i-claim-as-a-dependent

https://ttlc.intuit.com/questions/3113432-who-can-i-claim-as-my-dependent

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**