overlooking the ASSISTED LIVING TAX DEDUCTION can be costly !
/Tax Deductions for Costs of Assisted Living
If loved one lives in an assisted living facility some of those costs may be tax deductible? Medical expenses, including some long-term care expenses, are deductible if the expenses are more than 10 percent of your adjusted gross income. ( 2016 taxpayers 65 and older the threshold was 7.5 percent.)
There are some requirements to meet In order for assisted living expenses to be tax deductible, the resident must be considered "chronically ill". A medical doctor has to certify that the resident either:
- requires supervision due to a cognitive impairment (such as stroke, Alzheimer's disease or another form of dementia); or
- he/she cannot perform at least two activities of daily living, such as eating, transferring, toileting, bathing, dressing, or struggles with continence.
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