Taking care of aging parents is difficult, but it’s also expensive.
If your aged parent has a bad fall, health problem, or dementia and can’t live alone, what do you do? In the United States, the median annual cost for assisted living is $73,548, or approximately $6,129 per month, according to Senior Living. Many can’t afford this. That means mom or dad moves in with you.
You’re not alone. According to the AARP, 53 million people in the United States are caring for an aging family member. Taking care of aging parents is not only difficult but also expensive. If you’re caring for an aging parent, you may be able to claim them as a dependent and receive tax deductions or credits. But there are strict qualifications that must be met by the IRS. Four tests must be met for a person to be your qualifying dependent.
Cannot Be a Qualifying Child Test
Unlike a qualifying child, a qualifying relative can be any age. According to the IRS, there is no age test for a qualifying relative. A child isn’t your qualifying relative if the child is your qualifying child or the qualifying child of another taxpayer.
Member of Household or Relationship Test
To be considered a dependent, one of two relationship qualifications must be met. One is that they must live with you all year as a member of your household.
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