If your aged parent has a bad fall, health problem, or dementia and can’t live alone, what do you do? In the United States, the median annual cost for assisted living is $73,548, or approximately $6,129 per month, according to Senior Living. Many can’t afford this. That means mom or dad moves in with you.
You’re not alone. According to the AARP, 53 million people in the United States are caring for an aging family member. Taking care of aging parents is not only difficult but also expensive. If you’re caring for an aging parent, you may be able to claim them as a dependent and receive tax deductions or credits. But there are strict qualifications that must be met by the IRS. Four tests must be met for a person to be your qualifying dependent.