Submitted By: Sarah
Answered: October 14, 2016 11:22 am

Our son graduated from college this past May and is now living at home. Can we claim him as our dependent?

A child can be a parent’s dependent if under age 24 and a full-time student who does not provide more than half of his/her support. A full-time student means the child is enrolled in school on a full-time basis for at least part of five months during the year. You must decide whether your son meets these tax requirements to be treated as your dependent.

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Tax Glossary

Capital gain or loss

The difference between amount realized and adjusted basis on the sale or exchange of capital assets. Long-term capital gains are taxed favorably. Capital losses are deducted first against capital gains, and then again up to $3,000 of other income.

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