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How To Claim Your Parent As a Dependent

Mark Cuthbertson shares tips for claiming parents as dependents on tax forms.

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How To Claim Your Parent As a Dependent

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  1. HOW TO CLAIM YOUR PARENT AS A DEPENDENT Mark Cuthbertson

  2. It is not uncommon for parents to claim their children as dependents; later in life, it becomes more likely that the child is the caretaker.

  3. In those instances, you can receive an exemption from the government for your expenses as a result of supporting your parent.

  4. The following is required for you to receive this exemption, up to $4,000, which can be a great help.

  5. The parent must be related to you. Foster parents apply only if they've lived with you for more than a year.

  6. Your parent must be a citizen of or reside in the United States, Canada or Mexico, to be eligible.

  7. If your parent is married, he or she must file separately, unless, he or she has no tax liability.

  8. Your parent must have a gross income that is less than $4,000. This does not include any non- taxable income or benefits.

  9. You must provide more than half of the support for your parent during the year, including, housing, food, medical expenses and other necessities.

  10. If your parent doesn't meet these requirements but you've still paid for his or her medical expenses, you may still be able to deduct that from your taxes. CLICK HERE TO FIND OUT MORE

  11. FOLLOW ME AT MARKCUTHBERTSON.NET

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