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Child Still Lives at Home

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W

wholearmor

Guest
I'm in Colorado. I have a 19-year-old daughter that still lives with us. Her mother and I are married. Since we provide virtually all of our daughter's support, can we claim her on our taxes? Our daughter is not disabled in any way and does have a full-time job but we don't charge her for rent, utilities, or groceries. She does buy all her own clothes and she's buying her own car. Thank you!
 


L

loku

Guest
Under the general rule, you cannot take an exemption for a dependent if that person had gross income of $2,900 or more for 2001. This test does not apply if the person is your child and is either:
1) Under age 19 at the end of the year, or
2) A student under age 24 at the end of the year.

Therefore, if your daughter was under 19 at the end of the year, or if she was a student, then you qualify for the exemption IF YOU PROVIDED MORE THAN HALF OF HER SUPPORT FOR THE YEAR. To see how to figure which funds are considered support and which are not, see IRS Publication 17, Your Federal Income Tax, which you can download at the IRS site at: http://www.irs.ustreas.gov/forms_pubs/index.html
 

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