There are a lot of people today who are supporting their parents.  There are different levels of support but many Americans feel a heavy burden on their shoulders as they are completely supporting their parents who once supported them.  If you are in this situation, you may be able to claim your parent as a dependent and get a tax break. 

Not everyone qualifies to do this but it is certainly worth checking in to…

To qualify as a dependent, your parent's income can't exceed the amount of the personal exemption. For 2007, the cut-off is $3,400. In most instances, Social Security benefits aren't counted. But if your parent receives more than $3,400 from other sources, such as pension benefits, interest and dividends from investments, or withdrawals from retirement savings plans, you can't claim her as a dependent.

Francis Degen, an enrolled agent in Setauket, N.Y., says the income requirement prevents most taxpayers from claiming a parent as a dependent, because even a small pension will make the parent ineligible.

In addition to the income test, you must provide more than half a parent's costs for food, housing, medical care, transportation and other necessities, says Cynthia Jeanguenat, an enrolled agent in Virginia Beach. Even if all your mother's income is from Social Security, you can't claim her as a dependent unless you pay more than half her living expenses.

Your mom doesn't have to live with you to qualify as a dependent, as long as she meets the income test and you provide more than half her financial support, says Donna LeValley, a tax lawyer and spokeswoman for J.K. Lasser's Your Income Tax 2007. If your mother lives with you, you can include a percentage of your mortgage, utilities and other expenses in calculating how much you contribute to her support, LeValley says. You can find a worksheet in IRS Publication 501, available at www.irs.gov.

To learn more on this subject, read the article below from USA Today:

http://www.usatoday.com/money/perfi/columnist/block/2007-06-25-parent-support_N.htm?csp=34

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