Are You Overlooking the Assisted Living Tax Deduction?

The Assisted Living Tax Deduction With over 700,000 seniors residing in over 22,000 assisted living facilities nationwide, according to the CDC’s National Study of Long-Term Care Providers, assisted living is big business. Not only that, 86.2% of residents are paying out of their own personal financial resources. For a one-bedroom apartment the median cost is $3,500 per month. That translates to a lot of money consumers are paying out of pocket for assisted living.

Daunting as that sounds, there are ways that seniors and caregivers can get a tax deduction for assisted living facility costs if they can be characterized as medical or dental expenses. Diligent record keeping throughout the year, even for related expenses like mileage from doctor visits, can add up to a lot of write-offs come tax time. Want to ease the financial burden? Read on for some tips on assisted living write-offs, and find out what you can and can’t deduct.

Source: Are You Overlooking the Assisted Living Tax Deduction?

From A Place for Mom – Senior Living Blog

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: