Is There a Downside to Getting a House As a Gift From a Parent?
My widowed father-in-law quickdeeded his house to my wife as co-owner in Tennessee. Is there a downside to this? I've heard i...
Read moreIf you are caring for your mother or father, you may be able to claim your parent as a dependent on your income taxes. This would allow you to get a $500 tax credit for him or her.
There are five tests to determine whether you can claim a parent as a dependent:
If you cannot claim your parent as a dependent because he or she filed a joint tax return or has a gross income above $4,200 (in 2019) but you have been paying your parent's medical expenses, you may be able to deduct those expenses from your taxes. For more information on this, click here.
Local Elder Law Attorneys in Your City
My widowed father-in-law quickdeeded his house to my wife as co-owner in Tennessee. Is there a downside to this? I've heard i...
Read moreTaking care of a parent can be a full-time job. Parents who want to compensate a child who takes on the burden of caregiving...
Read moreTax day is fast approaching and you want to make sure you're taking advantage of all the deductions you're entitled t...
Read moreAdvances in fertility treatments and the storage of embryos and sperm mean that children can be born long after a parent has...
Read moreMedicaid Rules, etc