interested in portion of living expenses-check w/tax expert but we heard if its me and my husband and his mother we can take off 1/3 of utilities,food and other supplies bought for sharing deducted off what she pays us for caring for her at our house and that's the figure fo income if your worried about medicaid. does anyone knows this 100%
Caregiving100, the way I look at it, it is no different than a parent getting a standard deduction for a child.... but very little of that child's actual expenses can be deducted.
If your Mom has caregivers who come in the home to help her due to medical issues, such as she is a fall risk, you might be able to deduct that expense. if Mom had bought a new hearing aide last year, that might be deductible.
Your best bet to find out what all can be deducted or what cannot, contact either the IRS or have your taxes prepared by a CPA. The CPA could give you advice what you can do for 2016 filing taxes in 2017.
If you are providing more than half of her support, you claim her as a dependent. I'm assuming she has no earnings, just SS and she is not on any public assistance of any kind.
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If your Mom has caregivers who come in the home to help her due to medical issues, such as she is a fall risk, you might be able to deduct that expense. if Mom had bought a new hearing aide last year, that might be deductible.
Your best bet to find out what all can be deducted or what cannot, contact either the IRS or have your taxes prepared by a CPA. The CPA could give you advice what you can do for 2016 filing taxes in 2017.
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