My parents are on Medicare and getting social security. Their age is 70+. If I add them on my tax return as dependents will they lose their benefits? My parents were saying since I would add them, govt might remove their benefits and I would need to add them to my insurance & take care of them. Is this true?
they don’t even file their returns since they have no income & not required to file.
also, if I trade stocks for & under my parents name (with their permission) will
that capital gain cause issues?
The first is not an income tax question so why not call the Social Security Adm
https://www.ssa.gov/agency/contact/
the second is whose money are you using because there could be legal, income tax, gift tax and other issues?
the income tax issues are that if it's their money you're trading on their behalf then they might need to file an income tax return and some of their social security may be taxable.
Someone on other topic said if someone is at full retirement age & any income will not impact their Medicare. So that’s why I wanted to ask if I add them as dependent would that make my income their income?
2nd question: it will be their money & I may take commission from gains etc. ( not much just pocket money)
I am in higher tax bracket > 30%
2nd question: it will be their money & I may take commission from gains etc. ( not much just pocket money)
check with a lawyer in your state because you may need to register as a broker/financial advisor to take a commission. also, check with the brokerage. it may have its own requirements.