Yahoo Finance
In the U.S., more than 24 million people (1) provide unpaid care for older adults.
Adult children are the primary family caregivers, accounting for about 41% of those providing care.
This can cause both personal and financial stress on families.
Let’s pretend, for example, that Lacey has been helping out her parents, including by renovating the family home to ensure her parents can age in place despite their growing list of medical conditions, including arthritis that has made it very difficult for her mother to walk upstairs.
Robert Kiyosaki saysthis 1 asset will surge 400% in a yearand begs investors not to miss this ‘explosion’ Millionaires under 43 hold only 25% of their wealth in stocks.
Surprised?Here’s where their money is actually going Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 —here are 5 ways to build wealth like a landlord without actually being one Lacey has now spent over $200,000 renovating the family home, including adding an elevator, widening doorways to make rooms more accessible, creating an accessible bathroom, and adding wheelchair ramps.
Lacey now wants to know if she can claim her purchases a tax deduction.
Unfortunately, the answer to that is more complicated than she’d like.
The key question determining whether Lacey can deduct the money she spent is whether she provided more than half of her parents’ total support beyond just the home upgrades.
“When the grown children are upgrading their parents’ house, they may claim deductions if the parents are qualifying relatives,” Steven Conners (2), founder and president of Conners Wealth Management, told MoneyWise.
Conners explained that over 50% of their total support needs must come from Lacey as qualifying support.
Lacey canalsoclaim her parents as dependents (3) on her tax returnifthey have a gross income below the IRS limits, which is $5,200 in 2026.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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