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Posted October 2010
My husband and I are taking care of his mom's finances...paying bills, taxes etc.
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Is there a tax credit or reimbursment for this?
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You should speak to a CPA regarding tax implications. You may be able to count her as a dependent.
Now if it is that you are handling her finances out of her estate for her, then you should see an elder care attorney to work this out so that when the time comes that she has spent down to
$ 2K all is OK for medicaid processing in her state, or establishing a Miller trust if that a possibility.
If nothing else, set up a new checking account to do all this from. So that it is NEVER co-mingling with your accounts. So it is all clear as this is related to his mom and used
for her and her expenses only. If she is pretty together still you might have it so that she & you are the signatures so in theory your DH/her son can be the mediator for items.
You never know......Good Luck!
I don’t think my mother (who has dementia) has filed her tax returns for at least four years. How do I find out?
Does a senior that is having their retirement saving distributed monthly and having taxes withheld still need to file a tax return?
If I want to pay myself as my dad's caregiver, but I am also the beneficiary of his estate, do I need to pay tax on the caregiving money?
How do you file income taxes for a deceased parent?
I am employing a caregiver to give 24/7 care for my sister. Is a 1099 the only tax form I will need?
What percentage of non-family live-in caregivers work without written contracts? Is it common?
Is assisted living considered a medical tax deduction?
I have Durable Power of Attorney for my father and he receives SSD benefits. Can I apply for taxes (1040A) on his behalf?
How should my mother's assets (savings, deed to house, etc) be set for minimum death taxes?
If I am paid from my mother's assets to provide 24/7 care in my home is this taxable income...would I also need to pay self employment taxes?
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