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Tag Archives: adult-dependent exemption

Elderly parent

When an elderly parent might qualify as your dependent

By Legacy Protection, LLP |

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return. Basic qualifications For you to qualify for the adult-dependent exemption, in… Read More »

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