Tax Breaks For Caring For An Elderly Relative

5 potential tax breaks to know before moving a parent into a nursing home

Leave a Comment / Individual Tax Tips, Long-Term Care Insurance, Medical Deductions, Medical Expenses / Douglas Freeman

Approximately 1.3 million Americans live in nursing homes, according to the National Center for Health Statistics. If you have a parent moving into one, taxes are probably not on your mind. But there may be tax implications. Here are five possible tax breaks. 1. Long-term medical care The costs of qualified long-term care, including nursing […]

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You may be entitled to tax breaks if caring for an elderly relative

AGI (Adjustable Gross Income), Care for Aging Parents, Dependent Tax Credit, Itemized Deduction, Medical Deductions, Medical Expenses / Douglas Freeman

There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks. Here’s a rundown of four of them: 1. Medical expenses. If the individual qualifies as

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