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Claiming An Adult Child As A Dependent On Your Taxes

Your children will always remain in your heart. But if you’re like most parents, you don’t expect them to always remain in your house.

Alas, the prolonged economic downturn has forced thousands of young adults to move in with their parents until their job prospects improve. These multigenerational households must tackle a host of thorny issues, ranging from the allocation of chores to the rules for overnight guests.

With tax season approaching, a lot of parents are grappling with another issue: Can you claim an adult child as a dependent on your tax return? For 2011, each dependent reduces your taxable income by…

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