What is the name of your state (only U.S. law)? Maryland
My elderly mother is reaching a point where she may require full-time care. I am an EMT and would rather have my mother living with me and my family than in a nursing home. Since this arrangement might mean leaving the workforce for a time, my brother suggested that Mom pay me a modest monthly stipend to keep the wolf from my door.
He and I are curious about the tax laws for family caregivers in this type of situation. I have no problem with filing taxes on any income I receive, but I would like to know about exemptions, tax breaks, etc., and whether I would have to pay both the employee and the employer portions of Social Security taxes. My mother's income comes from a pension, Social Security, plus her IRA and other investments, if any of that matters.
Thanks in advance to anyone who has advice or information for me.What is the name of your state (only U.S. law)?
My elderly mother is reaching a point where she may require full-time care. I am an EMT and would rather have my mother living with me and my family than in a nursing home. Since this arrangement might mean leaving the workforce for a time, my brother suggested that Mom pay me a modest monthly stipend to keep the wolf from my door.
He and I are curious about the tax laws for family caregivers in this type of situation. I have no problem with filing taxes on any income I receive, but I would like to know about exemptions, tax breaks, etc., and whether I would have to pay both the employee and the employer portions of Social Security taxes. My mother's income comes from a pension, Social Security, plus her IRA and other investments, if any of that matters.
Thanks in advance to anyone who has advice or information for me.What is the name of your state (only U.S. law)?