Submitted By: someone
Answered: October 21, 2014 8:30 am

I’ve supported the 9-year-old son of the person I live with for the entire year. Can I take a dependency exemption for this child?

A child who is unrelated to the person who provides support may be able to claim a dependency exemption if the child is a qualifying relative. Even though there are no blood ties, a qualifying relative includes a child of another taxpayer as long as that other taxpayer is not required to file a tax return (or does so only to obtain a refund). But check all the tests for a dependency exemption (support, gross income, etc.).

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Tax Glossary

Appreciation in value

Increase in value of property due to market conditions. When you sell appreciated property, you pay tax on the appreciation since the date of purchase. When you donate appreciated property held long term, you may generally deduct the appreciated value.

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