Tax Deductions For Care Of Elderly Parent

The ability to deduct the contribution phases out so that there’s no deduction once income is above $74,000 … Also, I may …

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Caring for an elderly parent or other relative can be a costly undertaking. Tax deductions for elder care provide caregivers with the means to recoup a portion of the monies spent on their elderly dependents and can also help with finances in subsequent years.

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Tax Deductions For Elderly Parent Care A financial evaluation of the amount and type of care provided for an elderly parent is the first step toward determining if tax deductions for parents living (or not living ) with you is possible.

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The Child and Dependent Care Credit is also referred to as the Elderly Dependent Care Credit or the aging parent tax credit. It is a tax credit for expenses an individual or family incurs for the care of a dependent (or other qualified relative) so that the taxpayer(s) are free to work or actively search for a job.

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