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Tax Information |
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Tax
Deduction
Section 213 of
the Internal
Revenue code
allows
deductions for
medical care for
an individual,
spouse, or
dependent if the
expense exceeds
7.5% of the
taxpayer’s
adjusted gross
income. The
monthly fee of a
retirement
community is a
medical expense.
This further
states that if a
resident is
living in
because of a
medical
condition which
requires them to
be there, and
meals and
lodging are
furnished, then
the cost is
considered
medical care
expense.
If the main
reason for
living in an
Independent
and/or Assisted
Living community
is for medical
care, then that
cost is a
deductible
medical expense.
Please consult
your tax advisor
on this rule if
you feel this
would apply to
your situation
Veteran or
Widow of a
Veteran
If you are a
veteran or widow
of a veteran who
served in a war,
you may be
eligible for a
monetary program
called Aid and
Attendance.
Please feel free
to inquire about
this program.
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