Nine Tax Questions For Family Caregivers: FAQs & Answers from the IRS

Here are nine frequently asked tax questions for family caregivers, listed by the U.S. Internal Revenue Service (IRS) on its website. Click on the links below to find the answers provided by the IRS for each question:

1. I am a caregiver for my aging parent, who lives in my home. May I claim my parent as a dependent on my tax return?

2. I am a caregiver for my aging parent, who lives in my home. may I file as head of household?

3. May I claim a medical expense for amounts I paid for modifications made to my home to accommodate my parent’s medical condition?

4. My parents occasionally give me money to offset some of the cost of their support. Is this money taxable to me?

5. I pay for some of my parent’s expenses medical expenses. May I deduct these expenses on my return?

6. As a condition of acceptance into this assisted-living community, my parents relinquished all ownership rights in their home to the community. Does this arrangement have any tax consequences?

7. My parent is suffering from dementia. As a result, I must cash his/her monthly social security check and use the proceeds for his/her care. What are the resulting tax consequences?

8. My parent signed his/her home over to me. Does this transaction have to be reported to the IRS?

9. I received a death benefit from my parent’s life insurance policy? Are these insurance proceeds taxable to me.

Read more at the IRS Website » For Caregivers.

Disclaimer: The information posted or linked on this site is for information only, and does not constitute tax advice or legal, financial, medical or other professional advice of any kind, and may not be relied upon as such. Your use of this website or contact with us does not give rise to an attorney-client or other professional relationship of any kind. Each situation is different, and the general information presented on this website or in any communication from us is only a place to start; it cannot and should not be assumed to apply to your situation or relied upon.

These are important matters, and you should always consult a qualified tax advisor, attorney, accountant and financial advisor before making any decisions or taking or omitting to take any action of a tax, legal or financial nature, and consult your doctor before making any decisions or taking or refraining from taking any action of a medical nature. For other matters, consult other relevant professional advisors before making decisions or taking or refraining from taking action.

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