How much can you deduct out of live-in care expenses for taxes?
I am trying to figure how much you can deduct of live-in care expense for taxes. There is "medical" care, for example bathing, ensuring that medicine is taken, food prep and companionship. Help.
Again, I would refer you (and your mother) to my earlier response regarding deductibility of medical expenses, Check out Chapter 21 in the IRS Publication 17, available at www.irs.gov. Keep in mind that for many taxpayers, the standard deduction remains more favorable than itemizing, especially for medical expenses which must exceed a percentage of the income in order to qualify.
To clarify, my mom is not my dependent. I'm just helping her with her finances. I'm asking what percentage SHE can deduct for her full-time care. Sorry for the confusion!
A parent does not need to live with you to be your dependent IF you are supporting the parent in their own home by providing over half of the funds for their living expenses including cost of housing.
I assume you're asking about income tax deductions for yourself. Generally, you can only deduct medical expenses for your mother if she qualifies as your dependent. A good general source for federal income tax deductions is Publication 17, available each year at irs.gov. Chapter 21 covers medical expense deductions. Chapter 3 describes who qualifies as your dependent, and Chapter 2 describes filing status (and "head of household" may benefit you). If all this sounds too much, you might seek tax preparation help at an AARP Foundation Tax Aide site during tax filing season. Find one near you by going to www.aarp.org, and typing "tax" in the search box near the top right hand of the opening page. This tax assistance is provided for low and moderate income persons and families.
You can claim her as a dependent , if her yearly income is around $24,500.00 Yearly, hope that helps. My mom has lived with Me 6 1/2 years and is bedridden.
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Household.
Yearly, hope that helps. My mom has lived with
Me 6 1/2 years and is bedridden.