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Any tax recourse for helping a parent?

by on
in Small Business Tax,Small Business Tax Deduction Strategies

Q. My mom moved to an assisted living facility in November. I paid all her home bills the last two months. Can I deduct them on my 2011 return? R.B.L., West Hartford, Conn.   

A. No. Generally, you can deduct property taxes and mortgage interest on a qualified personal residence only if you’re the homeowner. And, barring unusual circumstances, other home-related expenses like association fees aren’t deductible. So you’re basically out of tax luck.

Tip: If you meet certain requirements, the amounts you’ve paid out may help you claim a dependency exemption for your mom.

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