Is there any tax-credit or deduction I can take if I provided housing for someone that was unemployed in 2010?
With all the tax credits, bailouts, and TARP money I thought there might at least be a chance to claim some kind of deduction on my 2010 tax returns for my particular situation. I'm sure this is a long shot, but it doesn't cost anything to ask all the smart folks on the site.
The back-story:
My wife's sister lost her job in 2009 and was unemployed for almost all of 2010. She lived in our home for almost the entire year, rent free, while she looked for work. Thankfully she finally found a job in late December after a marathon search.
My Question:
Is there a US tax credit or deduction I might be eligible for related to taking in an unemployed person?
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More to the point: gifts to specific people are not tax-deductible (see page 6).
Only cash and goods are considered charitable donations. A gift of services (in this case free rent) does not apply.
She might qualify as a dependent though. However since she you wrote "almost all of 2010" I suspect she may go over the ~k income limit.
Yes, there is a tax credit for unemployed people living in your home. It's called the child tax credit.
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