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My parents don't work anymore and they don't live with me. I support them financially and cover all their expenses. Can I claim them as my dependents? If so, what tax credits or deductions will I be eligible for? Do they have to live in the same state or country as me?
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do they own their home, or do you cover their housing costs also ?
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.
"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
Qualifying relative
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:
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
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.
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