{"id":10124,"date":"2021-03-25T00:00:00","date_gmt":"2021-03-25T05:00:00","guid":{"rendered":"https:\/\/www.lifeline.philips.com\/resources\/blog\/2014\/08\/caregivers-may-receive-tax-breaks-on-seniors-medical-expenses0.html"},"modified":"2023-10-16T16:53:39","modified_gmt":"2023-10-16T20:53:39","slug":"caregivers-may-receive-tax-breaks-on-seniors-medical-expenses0","status":"publish","type":"post","link":"https:\/\/www.lifeline.com\/blog\/caregivers-may-receive-tax-breaks-on-seniors-medical-expenses0\/","title":{"rendered":"Tax Tips for Family Caregivers"},"content":{"rendered":"

Whether you’re caring for your parent, spouse, partner, or other loved one, the costs of caring can add up quickly.\u00a0 The amounts covered by Medicare or insurance can be lower than expected. Did you know there are tax breaks for family caregivers<\/a>?<\/p>\n

Here are 3 steps to potentially reduce the financial burden of care:<\/h2>\n

1. Establish dependent status for your loved one.<\/h3>\n

To qualify for tax breaks<\/a> related to your loved one\u2019s medical expenses, s\/he must qualify as a dependent. IRS criteria for claiming elder dependents changes regularly, so check the IRS.gov<\/a> caregivers page <\/a>and talk to your accountant to make sure your family member meets the requirements. Two important factors: You must have paid more than half of your parent’s support for the calendar year, and their gross income for the calendar year must be less than $4,300.<\/p>\n

2. Identify and itemize eligible medical expenses.<\/h3>\n

With dependent status confirmed, you can start logging IRS-eligible medical and dental expenses, which include:<\/p>\n