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With so many millennials moving back home with mom and dad, the question of whether or not adult children living with their parents can be claimed as dependents is a hot topic. On the other side of the generational divide, and affecting at least as many people, is the question of whether or not parents can be claimed as dependents on their children’s returns.

“If you are assuming the day-to-day care and financial support of a parent and that parent qualifies as a dependent, you may be eligible to claim additional tax benefits,” said John Dundon, EA, an enrolled agent tax expert in Englewood, CO. “In fact, your parents can live in their own home or in a retirement community and still be legally claimed as dependents – so long as they meet IRS’s requirements for a dependent.”