Tax break for those caring for family members 90 years old and over.
Are there tax breaks for caregivers caring for family members 90 years old or over? If not, I feel it should be written into the tax code. The Boomer generation and the one before that are comprised of a large amount of the population for the first time in American history. It outnumbers most if not all of "baby booms" since 1964. Tax breaks and huge amount of tax-supported programs are available to take care of minors. It's time to have acknowledgement and support for those who caregive for elders age 90 or more. I pick that age because if you look at parent-to-child age span -- a 90 year old will likely have an adult child of 65 years old -- that's Social Security age in itself! Those persons are trying to take care of themselves AND another elder? This is not fair physically and financially. There are not enough state programs, there is not enough Social Security/Medicare right now to help the aged care for the aged - and it's only going to get worse unless some improvements are done. I see many on this site who say they have sibs, but the sibs do not help. Make it a law to have a person who has a parent 90 years old or more declare this on their taxes just like a person would be required to declare they are responsible for a minor. Each elder's adult child would need to help either in-person with chores or to help financially and document it to get the tax break. For one thing, I think that documenting on taxes would help bring awareness to the "top heavy" population trend, and it would get the burden off of just one sib as sole caregiver.
I'm an only child, so I know what this is like to do alone. I've been at it for 20+ years. My parent is in her 90's. I have to put forth the efforts but do not even get to have a say-so because the elder is deemed competent. That's a tricky rule that "kicks the can down the road" and it's hard because the elder is beginning to have the needs issues of a small child. Why can't I be acknowledged that I am caregiving for someone who cannot care for themselves? If I document the efforts and money spent, could I write it off on taxes? Give persons in our age group (55+ years old) a break. What do you all think? Isn't it time? Most of us cannot afford a fancy financial advisor, so we muddle on, day to day, hoping for relief.
So, I ask you all out there -- is there a tax break in place already, even if you don't have "guardianship," and if not, who could I (we) contact to put this into a tax law? What parts of this do those of you all out there like or disagree with?