Archive for February 8th, 2012
Depending on dependents for a tax break
Over the past several years, many individuals experiencing economic challenges have relied on the financial and housing help of parents, children, and other family members. According to the Pew Research Center that analyzes U.S. Census Bureau data, 51.4 million Americans lived in multi-generational households in 2009, up from 46.5 million in 2007. But what about individuals or families who provide housing and support to non-relatives? Forbes reports that in some cases, non-relatives may qualify as dependents also, thereby reaping a tax break for the head of household (”When A Housemate Is a Dependent (And A Tax Break)”). Continue reading →
