Rather than take some of the patients' assets, while the infirmed needs care, the caregiver should spend her own money, deduct it on Schedule A, then, when the patient passes, accept her money and pay no taxes unless her estate exceeds $2,000,000, not including life insurance proceeds. Thetax consequences of being "on salary" are higher and must be reported.

This discussion has been closed for comment. Start a New Discussion.
Find Care & Housing
Start a Discussion
Subscribe to
Our Newsletter