adult-dependent exemption

Adult Dependent Exemption Eliminated Under New Tax Law

Adult Dependent Exemption Eliminated Under New Tax Law

Can you claim your elderly parent as a dependent on your tax return? Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. If you qualify for the adult-dependent exemption on your 2017 income tax return, you can deduct up to $4,050

Sonya Foster2021-04-12T14:56:47-06:00April 10th, 2018|

When an Elderly Parent Might Qualify as Your Dependent

When an Elderly Parent Might Qualify as Your Dependent

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return. Basic qualifications For you to qualify for

Sonya Foster2021-04-12T14:58:19-06:00March 14th, 2017|