Senior Living costs may be tax deductible.
Some Senior Living costs may be tax deductible.
Many families do not realize that some senior living costs may be tax deductible. And, according to the American Seniors Housing Association, they could mean substantial savings to you. The Association’s family website, https://whereyoulivematters.org provides helpful detail on the below information. We encourage you to visit the Association’s website for more information.
You may be eligible to deduct, regardless of community type.
There are two types of tax deductions you want to review with your tax advisor. The first is the fact our bridge financing is a Home Equity Line of Credit, which in some cases, may be deductible. That depends of course on your specific situation. But be sure to ask your local tax advisor.
Secondly, according to the American Seniors Housing Association, residents of Continuing Care Retirement Communities, Life Plan Communities, and Senior Living communities, may be able to deduct a portion of their costs. This is because with CCRCs and Life Plan Communities, your Entrance Fee pays for a certain amount of medical and long-term care expenses. Residents of Assisted Living and Memory Care communities may also be eligible to deduct some of their fees as a medical expense.
Ask your community for a referral to a local CPA or tax professional that can help you evaluate what portion of your retirement or senior living costs may be tax deductible for you. And visit the consumer website of the American Senior Housing Association. Links to its page discussing tax deduction potential, are provided above. As you research, we will be here, ready and able to be of assistance in your journey.
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1800 Diagonal Road, Ste. 600
Alexandria, VA 22314
800 - 222 - 1425