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Herschela Asked March 2021
If I claim my elderly parent as a dependent, can my assets (or lien placed) by nursing home?
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I'd like to help with mom's expenses - she meets the legal requirements to become a dependent but does that open us up to be completely responsible/liable for all her expenses? I'd hate to try to save a little with tax deductions only to find out later that I owe a gazillion dollars to a nursing home or memory care facility.
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Herschela Mar 2021
I wish i could edit my question. It appears I forgot to proofread before I posted. In any case, everyone seems to have understood the question, and all the answers and discussion have been extremely helpful. I've learned more from this forum in one day than I did after a week of searching for answers elsewhere.
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JoAnn29 Mar 2021
I would talk to a tax CPA. Mom may want to claim herself since she is independent. She is not living with you. May make a difference.
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worriedinCali Mar 2021
If mom meets the requirements to be claimed as OPs dependents than she most likely doesn’t have income to file herself. There’s really no benefit to mom filing on her own if she’s not overpaying her taxes & owed a refund.
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worriedinCali Mar 2021
There’s no relationship between the two. Claiming her as a dependent on your taxes is between you & the IRS. It just means you provide at least half of her financial support through out the year. Nothing more. It doesn’t make you financially responsible for her. It just means that for the tax year, you pay at least half of her living expenses and claim it on your taxes. It doesn’t allow any entity to come after your assets if she needs a nursing home.
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Geaton777 Mar 2021
Cali, does it affect her ability to qualify for Medicaid in the future?
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