Claiming Your Aging Parent as a Dependant?

If you are caring for your mother or father, you may be able to claim your parent as a dependent on your income taxes. This would allow you to get an exemption ($3700 in 2011) for him or her. There are five tests to determine whether you can claim a parent as a dependent: The person you are claiming as a dependent must be related to you. This shouldn't be a problem if you are claiming a parent (in-laws are also allowed). Keep in mind, however, that foster parents do not count as a relative. To claim a foster parent,…

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