Do I need to claim compensation when caring for Mom?

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D

dianar Asked March 2014

Do I need to claim compensation when caring for Mom?

I am caring for my 87 yr old mother (in our home) who is in early stages of dementia. My family and I provide for all of her needs. I am her chef, chauffer, hairdresser, pharmacist, etc. She gets about $2500.00 a month and gives us $800. Is this too much? Do we need to claim this?

Financial Planning

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score 0 · Answer 1

The best way to do it is to have her pay monthly utilities(just pick some of yours and right the check from her account) amounting to an agreed amount.. That way you don't have to worry about IRS or medicaid if she needs it in the future..

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score 0 · Answer 2

Thanks! I struggle with feeling guilty even though my brothers fully agree and even think that I should be getting more.

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score 0 · Answer 3

No, it's not too much for all that you do. I would consider it a fair co-pay for household expenses. Or perhaps a gift, which is not taxable. Now the IRS might take a different view, asking you to declare the income. But if you have records of house expenses and she is paying for her share, and only her share, then I don't think there is a problem.

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Do I need to claim compensation when caring for Mom?

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