Wednesday, April 10, 2013

An obligation to pay for your parents' nursing home?

The AARP has posted a state-by-state guide to "filial support" laws, which obligate a child of an elderly parent, or the parent of an adult child, to contribute to his support if he is unable to support himself. The map shows that 30 states have some form of this law. (Michigan is not among them.) The author notes that some nursing homes are using these laws to require adult children of residents to pay for their nursing home care.

More tax from online sales

From Bloomberg: The IRS is coming for your Venmo income.   The IRS is reported to have imposed a new requirement for Form 1099-K, on which a...