17 commonly overlooked tax deductions
2. Costs related to caring for a parent
If you pay for the care for a parent, and your parent qualifies as your dependent, you can deduct the costs associated with caring for that person. Costs associated with in-home care and nursing home care qualify. Generally, the caregiver must be provided with a 1099 form or a W2 form in order for those costs to be deductible, according to Elliott. Like child care expenses, Form 2441 is required for deducting costs associated with caring for a parent.