Do you help pay for your parents living expenses? Don’t forget that on your taxes.

A lot of people don’t realize they may be able to factor their parents into their taxes. 

They don’t even have to live with you. If you and your siblings pay for more than 50% of your parents living expenses, you have a claim, according to CPA Jim Schnell. Only one child can claim the dependent-care exemption and it’s up to that filer to share the wealth with his or her siblings.

To learn more about claiming your parents as dependents, IRS Publication 501 is a great place to start. It includes a worksheet for determining support that will help you and your siblings get started.