It
depends.
Your parent
must first meet income requirements set by the Internal Revenue Service to be
claimed as your dependent. To qualify as a dependent, your parent must not have
earned or received more than the exemption amount for the tax year. This amount
is determined by the IRS and may change from year to year. Current exemption
amounts can be found in IRS Publication 501, Exemptions, Standard Deduction,
and Filing Information. Generally, you do not count Social Security income, but
there are exceptions. If your parent has other income from interest or
dividends, a portion of the Social Security may also be taxable.
You must
have provided more than half of your parent's support during the tax year in
order to claim them as a dependent. When determining the monetary value of the
amount of support you provide, you need to consider several factors.
Calculate
the fair market value of the room your parent occupies in your home. Ask
yourself how much rent you could charge a tenant for the space.
Next,
consider the cost of food that you provide. Don't forget to include utilities,
medical bills and general living expenses that you also pay. Compare the value
of support you provide with any income, including Social Security, that your
parent receives to determine whether you meet the support requirement. The
amount of support you provided must exceed your parent's income by at least one
dollar.
