Many Deductions May Apply When Caring for an Elderly Parent
By Taxation Solutions, Inc. on 2015-09-23
These days, many families are choosing the comforts of home over institutional nursing facilities. But whether you’re looking after an elderly parent or an incapacitated spouse, it’s essential to understand the tax implications that arise for home caregivers.
While the costs associated with nursing homes are almost always considered deductible medical expenses, the rules are not so easy when it comes to caring for a loved one in your personal residence. This is where you could probably use some assistance of your own, in the form a trusted tax adviser to clarify the current tax laws and perhaps help you relieve some of your financial burden by identifying deductions.
For example, many property improvements typically related to eldercare do fit the description of covered medical costs. These can include such renovations as installing handrails or grab bars, putting in accessible entrances and exit ramps, widening doorways, and completing numerous other modifications to your home.
In addition, you may qualify for a dependency exemption or dependent care credit, depending on your specific circumstances. Of course, it’s best to sit down with a knowledgeable tax specialist trained in the myriad aspects of eldercare tax planning. That’s the simplest way to know which deductions you’re eligible for and how to go about claiming those deductions.
Why not let someone attend to your needs for a change? For eldercare tax assistance in the Arlington area, Taxation Solutions, Inc. is here to help. Contact us today in regard to your caregiver tax questions, no matter how large or small. We'll put our more than 40 years of experience on your side.