Tax Tip #13: Supporting a Parent Could Cut Your Taxes!

Supporting a parent could cut your taxes significantly.  If you provide more than half a parent’s support in 2012, you may be entitled to a $3,800 dependency exemption.  If other family members help to provide support, you can take turns claiming the exemption. Paying a caretaker or paying for a parent’s medical expenses might qualify for a tax credit or deduction.

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