If you are caring for your senior parent, you may be able to claim them as dependent. Doing so would make you eligible for a tax exemption. To determine if you can claim your parent as a dependent, there are some criteria:
- Your parent must be related to you.
- Your parent must be a resident of the U.S., Canada, or Mexico
- Your parent cannot file a joint tax return with their spouse; must file separately.
- Your parent must not have a gross income equal or greater to $4,000 (in 2015) a year.
- You must provide more than half the support for your parent during the year.
The IRS Publication 501 has further information regarding this.