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What can financial support mean?

We help support my elderly parent along with other siblings. Can I deduct the money that I give that's being used for her expenses (dental, care home, food, etc.)?

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TurboTax Specialist

What can financial support mean?

While food and housing costs are included in support, the only potentially deductible expenses you've listed are medical and dental expenses.

 

Determining who can deduct your parent's medical expenses is a bit tricky because several people are helping provide support. Generally, the person who claims your parent as a dependent gets to deduct these expenses. If your parent isn't claimed as a dependent by someone else, the person who provides more than 50% of their support gets to deduct the medical expenses. If no one provides more than 50% of your parent's support, the person for whom your parent is otherwise a qualifying relative may be able to claim your parent as a dependent on their tax return. To do this, that person must have provided more than 10% of your parent's support and anyone else who provided 10% or more must sign a multiple support declaration (Form 2120) to waive their rights to claim your parent.

 

For more information, please see Steps to Claiming an Elderly Parent as a Dependent and About Form 2120, Multiple Support Declaration.