Savvy Senior

Dear Savvy Senior

My wife and I provide a lot of financial support to my elderly mother and are wondering if any of it is tax deductible. What can you tell us?

Stretched Thin

Dear Stretched,

There is some tax relief available to adult children who help look after their aging parents or other relatives. But in order to be eligible, both you and your mom will need to meet Uncle Sam’s criteria. Here’s what you should know.

IRS Eligibility

If you’re helping financially support your elderly mother, to get a tax deduction you’ll need to claim her as a dependent on your tax return. For the 2011 tax y...