Grandparent lives in 2nd home

blossom
Fri, 13 Nov 2020 17:26:20 +0000

Turbotax has a very easy-to-follow tutorial on how to figure out if your elderly parent can be a dependent for tax purposes. You might want to run those numbers to see if there is a “cheaper” way to take care of your mom (i.e. a tax-advantaged way) which may get you closer to freeing up the money you need. And you are lucky- since you have already used the house as a rental, you’ll have a great case for what represents “fair market rental”.