Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 09-07-2008, 10:38 AM
Junior Member
 
Join Date: Sep 2008
Posts: 1
Amount Given to Parents

Hi
I'm giving some amount of money to my parents for their needs per months as father is retireed and having very little pension..Will this amount be also come under taxable count on my income or there is any rebate on this or my father needs to pay tax for the amount which i pay in the entire year...

Thnx
Rajnish



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 11-04-2008, 09:55 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
Sorry, there is no deduction allowable for providing financial support to your parents, neither is a tax credit or any direct tax rebate payable to you.

But, if your parents are US citizens or residents and you do provide over 50% of their support and you meet the all the required tests for claiming a dependent, you may be eligible to claim a personal exemption for both of your parents.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Are there limitations on the amount of losses I can deduct from my partnership? marian Limited Liability Company 0 04-01-2008 06:10 PM
What is the minimum amount that must be withdrawn from an IRA after age 70 1/2? InTheWindyCity IRA/Sep 0 02-09-2008 08:06 PM
What is the maximum amount a Taxpayer can deduct in 2007 for purchasing a new SUV? Adam Auto Expenses 1 12-07-2007 12:54 AM
Can I deduct the amount given to our Kids free tax gifts. daveb Income 2 12-03-2007 08:09 PM
Can I Claim my elderly parents? appletango Filing Requirements 1 01-25-2007 09:44 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.