Family Issues

Family Issues

Claiming a disabled child

I have a disabled child that just turned 18. After he starts getting social security am I able to claim him as a dependent on my taxes

Family Issues

Sold my moms house in 2025

My mother moved into a Memory Care facility January 2025. In order to afford the cost we sold her primary residence in October 2025. The house was held in our Family Living Trust, of which I am co-trustee and now have POA for her, since 2 doctors verified she is unable to handle her affairs. Need advice on preparing a 2025 tax return for her or the Trust. Also need advice on limiting the tax liability for the gain etc…Thank you.

Family Issues

Family member moved into our home

My mother-in-law just moved in to our home; she has health issues and unable to care for herself now. She only has SS as income. We pay for all her needs. She wants to pay something to help out and contribute and not feel like a burden. We don't need her help but she insists. What is the best way to structure her giving us some money (ex. $500/M). Have been told if considered rent it would be taxable.

Family Issues

Does money transferred from an account under my parent's name count as income?

My mother set up multiple bank accounts for me with her bank several years ago, and as I've earned money, it's all been deposited into those accounts. Now that I'm an adult and have set up a bank account with a separate bank, we're having all of my savings transferred over. I believe the accounts my mother opened were set up in my name, but because it's all under her, would the money being transferred to my new bank account count as income?

CPA Answer:

Good question.

First, to make sure I understand the facts, I’ll summarize the background. You’re saying that as a minor, you earned money in the past. Because you were a minor, your mother set up multiple bank accounts (in your name – not hers) at her bank and deposited your earnings in those accounts. Presumably, if there were any taxes to file and pay on your earnings, that was addressed annually, along the way. Now, you are an adult and wish to transfer money to a new bank account.

Based on the facts you stated, the money being transferred to a new bank account would not count as income. I imagine that you should have no trouble getting access to the funds in the old bank to transfer to the new bank because the multiple accounts at the old bank are all titled in your name. Even if it was the case that your mother was a joint owner on those accounts, you’d still full access because each of you is a joint owner (in my hypothetical).

Keep in mind, your fact pattern doesn’t specify what type of account is involved, so I assuming they’re just plain bank accounts, such as checking, savings, money market, or certificates of deposit. Depending on the type of account involved (such as a traditional IRA or Roth IRA), they answer might change.

I hope that helps.

Answer Provided by: Adam Dickreiter

Alimony

2018-Alimony Deduction

CPA Answer:

For any divorce or separation agreement executed after December 31, 2018, or executed before that date but modified after, alimony payments are not deductible by the payor spouse.

If a pre-existing agreement is modified after December 31, 2018, the new rules will only apply if the modification expressly provides that the new law should be applicable.

Correspondingly, the recipient spouse will not have to include the alimony payments received as income.

Answer Provided by: CPAdirectory

Caregivers Helping Relatives

Are there any mistakes to avoid when doing taxes as related to Caregivers?

CPA Answer:

Family Caregivers must make sure that the parent or relative they are claiming as a dependent deduction has not claimed themselves as a dependent on their own tax return or that no one else has claimed them. You cannot take a dependency deduction for anyone who has claimed themselves on their own tax return. Caregiver s should obtain a copy of the parent or relative’s tax return before filing their return .

Answer Provided by: CPAdirectory

Caregivers Helping Relatives

Are there any credits available for Caregivers?

CPA Answer:

A Caregiver that can claim a parent or relative as a dependent may also be eligible for the Child & Dependent Care Credit .

Answer Provided by: CPAdirectory

Caregivers Helping Relatives

What are some of the deductions a Caregiver can take?

CPA Answer:

A family Caregiver may qualify for various tax deductions and credits provide they meet certain criteria. You can take a parent or qualified relative as a dependent deduction on your tax return if certain tests are met including income and support. Secondly, a family caregiver may also be able to claim medical expenses they paid on behalf of their parent or relative as an itemized deduction on Schedule A of their tax return.

Answer Provided by: CPAdirectory

Caregivers Helping Relatives

How do you define Caregiver?

CPA Answer:

A family Caregiver is defined as an unpaid relative that helps care for an elderly parent or relative as compared to a Professional Caregiver such as a Nurse's Aide that is paid to provide services.

Answer Provided by: CPAdirectory