Can I claim my retired parents as my dependents?

do they own their home, or do you cover their housing costs also ?

@yatoshura 

My parent owns a home. I support them financially with all their expenses and bills. 

 

Would it make any tax difference if they stay with me in my house?

I have the same situation. I would like an advise from a tax expert. 

@yatoshura  @tuanojc 

 

"Do they have to live in the same state or country as me?"

 

 

WHO CAN I CLAIM AS A DEPENDENT?

 

You can claim a child, relative, friend, or fiancé (etc.) as a dependent on your 2022 taxes as long as they meet the following requirements:

Qualifying child

• They're related to you.
• They aren't claimed as a dependent by someone else.
• They're a U.S. citizen, resident alien, national, or a Canadian or Mexican resident.
• They aren’t filing a joint return with their spouse.
• They're under the age of 19 (or 24 for full-time students).
• No age limit for permanently and totally disabled children.
• They lived with you for more than half the year (exceptions apply).
• They didn't provide more than half of their own support for the year.

Qualifying relative

• They don't have to be related to you (despite the name).
• They aren't claimed as a dependent by someone else.

• They're a U.S. citizen, resident alien, national, or a Canadian or Mexican resident.

• They aren’t filing a joint return with their spouse.
• They lived with you the entire year (exceptions apply).
• They made less than $4,400 in 2022.
• You provided more than half of their financial support.

When you add someone as a dependent, we'll ask a series of questions to make sure you can claim them. There may be other tax benefits you can get when you claim a dependent.

Related Information:

• What does "financially support another person" mean?
• What is a "qualifying person" for Head of Household?
• Does a dependent for 2022 have to live with me?
• Do I qualify for Head of Household in 2022?
• Can I claim myself or my spouse as a dependent?

@yatoshura   @tuanojc 

 

 

IF

you can claim your parents as qualified relative dependents, you can get the $500 credit for other dependents.  That is a non-refundable credit that can lower your tax bill.

 

 

CREDIT FOR OTHER DEPENDENTS

https://ttlc.intuit.com/questions/4499708-what-is-the-500-credit-for-other-dependents-family-tax-credit

So both parents can only be given a credit of 1000? 

do they own their own home?

unless you are providing their living quarters out of your pocket, it won't work.

just paying their property tax is not sufficient.

 

 

 

Yes, the credit for a dependent who is not your child under 17 is $500.