Thu, 2011-02-17 13:50

If you provided more than half of a parent’s support and his or her gross income was less than $3,650, you can claim your parent as your dependent, which gives you a tax exemption and permits you to write off a significant portion of medical expenses.

Many baby boomers find that their aging parents need health care assistance. Luckily, there are options to help parents grow old gracefully, either in their own home or in a facility, and several ways that you can finance the cost of their care.

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