Americans who financially support an elderly parent may be able to claim their loved ones as dependents on tax returns, but there are several factors that determine whether a taxpayer can do so underInternal Revenue Servicerules. The IRS allows taxpayers to claim an elderly parent as a dependen...
Your Parent’s Residence Dependents fall into one of two categories.They're either qualifying children or qualifying relatives. Your parent is not a child, so she must meet the IRS criteria for a relative before you can claim her as a dependent. The IRS requires that you be related by bloo...
“If My Parents Claim Me Do I Lose Money?” If your parents claim you as a dependent on their taxes, they claim certain tax benefits associated with having a dependent. As a dependent, you do not qualify to claim those tax benefits. However,you may still need to file a tax return if...
If you and the baby lives with, and are supported by someone other than the baby's father, they can claim you both as dependents if you meet the requirements to be their qualifying relatives or person. If you and the baby are supported by a boyfriend who isnotthe baby's father, the ...
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Parents should know that both private and federal student loans may offer tax benefits, and this includes Parent PLUS Loans. That’s because both private and federal student loans pave the way to deducting a certain amount of the interest paid on your taxes. Currently, theAmerican Opportunity Cr...