Tax breaks for caregivers…it is true.
Almost half of baby boomers are finding themselves caring for one or both of their parents whether it is health related or offering financial support while raising their own families. The new term for the above baby boomers…the sandwich generation.
If you are assisting your Parents or loved ones with housing, food, transportation, medical or dental care, you may be eligible for a $3,600+ relative exemption. There are a number of qualifications involved; we suggest contacting your certified CPA for assistance.
The following are just some of the dependent qualifications for claiming adults:
- You must provide more than 50 % of your loved ones support costs
- You must either live with the taxpayer year round or be related
(Loved one: parent, grandparent, stepparent, aunt or uncle)
For more information or to read more “Tax Breaks Available for Parents Helping Their Parents Sandwich Generation Feeling the Squeeze of Supporting Elderly Parents, Boomerang Kids go to: