CAN YOU CLAIMYOUR PARENTS AS A TAX DEDUCTION?

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Interesting Story for APRIL 15 Tax day...

In 1989 I was audited by the IRS

At first I was very nervous -- even though I didn't believe I had done anything wrong..

But one of the items they questioned was me writing off my parents as dependants.

Seemed strange to them that a 23 year would claim their parents as dependants

BUT HERE'S THE GUIDLINE - of course check with you accountant for all tax isues first.

If you can prove you provide more than 1/2 of their support you can claim them as dependants-- which I did..

My parents were living off a VERY SMALL amount of social security and a 290 a month VA disability income.. Not enough for a car - insurance and groceries let alone anything left for housing .. like property taxes and home owners insurance..

THE RESULT OF THE AUDIT

The IRS actually owed me about 250.00 for an error I made on a rental property calculation

THOUGHTS?

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