Charity should start at home

[falcon2006]

Just wondering how many people donate money to their parents instead of Charity Organization.

My wife and I have been writing checks to our parents since we got married (9 years). It cost us at least $6000 a year to support them.

[sweeps]

Yes, it's called FICA.

[falcon2006]

Fica is mendetory, you silly.

Why can't I get tax credit for donating money to our parents…hum

[mommyof4]

Both of our parent's were financially secure, so no, we have not supported them, other than dinners out, presents, helping them with housework, mowing lawns, etc.

[pearlieq]

Well, the short answer is because other taxpayers don't necessarily need or want to subsidize whatever your parents do with the money you gave them. Tax Exempt charities need to be subject to standards and reporting guidelines.

That being said, there are many avenues to deducting elder care and significant support of dependent parents. A quick search of the internet or call to your accountant will get you started with information.

[m3racer]

$12,000/year starting in 2007. I expect that figure to go up in the near future.

[mom-from-missouri]

Why can't I get tax credit for donating money to our parents…hum

Can't you in some ways? Or do they have to be living under your roof. I was thinking a former co-workers got to count her parents, but they lived with her in her house. Both her parents were close to 90 and unable to stay on their own. She had a bad experience with a nursing home and moved them into her own home and paid a neighbor to sit with them/check on them during the day.