Where to start? With caretakers contract, elder lawyer, accountant appt.....

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I took care of dad since 07 (passed last july)about 3yrs now caring for mom w/dementia. They have paid me w/o reporting and Neither did I. I did txes 20112 the 1st time in sev yrs because of a Ins. payout. Sev. folks told me i must start or go back and pay taxes. I am fearful of IRS and want to do the right thing, however im afraid how much id owe. Mom never wanted(it was dad really) to figure taxes out and she says she would have to pay too Dad thought tis under the table was best (for him?)I realize my loss with the SS situation too.With her dementia, this would be a mess. I dont want to get into trouble later however i dont want to owe something far above what i have saved.now. Dont expect w/her long term policies money will be issue for her. Any advise that would save me anxiety & money too Her accountant is$$$$$. I am afraid i wont get an inheritance because of this, sure irs will take my trust portion! HELP very worried

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3930 helpful answers
A lot depends on how much they paid you. People can give family members a gift tax free of a certain amount, so if the amount is less than that, you may be able to consider what they paid you a gift, but you need to get legal advice about it. As an alternative, a CPA may be able to give you advice, however, if there's a chance your mother may need to go on Medicaid if she has to go into a nursing home, you really should get legal advice. Because even the "gift" may have to be paid back if that happens (up to five years back). It's worth the cost of getting legal help so you don't have to worry. Good luck,
Carol
@ CAROL If gifting is 13,000 , i do get more but i also pay for most groceries but i eat/live there too. What is a careetaker contract and where might i research this? I do not believe she will ever have financial problems needing medicaid with her multiple plans,Long term cov & preplanning thxs for responding

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