According to the Population Reference Bureau, the vast majority of caregivers in the United States for the ever-increasing elderly population are family members. (http://www.prb.org/Publications/Reports/2016/todays-research-aging-caregiving.aspx). Caring for a spouse, parent, or other person who is elderly or disabled entails personal and financial costs. Whether acting under a moral or legal obligation to provide care, at least the tax law provides some assistance for the caregiver. Here’s how.
Dependency Exemption
A taxpayer may be able to claim a dependency exemption for a parent for whom he or she is caring (Code Sec. 152). The amount of the exemption for 2016 is $4,050. To claim the exemption, the following conditions must be met:
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
