<prompt> Human: Currently I just transfer a 1000 amount once a month. Sort of like an expense. But there. must be a better way. My siblings also send them money and they dont love with us so I can declare them as dependant. Anyone have any ideas ?  <response>: Theres no way for the money youre gifting to your parents to be tax deductible. You may be able to claim your parents as dependents if you provide over half of their support and meet the other tests detailed here 