Can I deduct the rent I pay to provide a home for my elderly parents?

No. However, if taking into account your rent payments you pay more than half of each parent’s support, you can claim each as your dependent. This results in a tax deduction in 2012 of $3,800 per parent. They don’t have to live with you to qualify as dependents, but each cannot have more than $3,800 of income for the year (not counting nontaxable Social Security benefits).