Tax Breaks Can Ease Your Parental Aid Costs
Investor's Business Daily (07/13/01) Vol. 35, No. 27 p.B5; Korn, Donald Jay

There are tax breaks that can alleviate the financial burden for individuals caring for older loved ones. Taxpayers providing care for their elderly parents may be able to claim a parent as a dependent, which in 2001 provided a $2,900 deduction. Care providers can also list a nonparent as a dependent if he or she lives with them. However, this exemption may not be used if the elderly person files a joint tax return.

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