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Tax Deductions for Assisted Living Costs

Source: elderlawanswers.com - Mar 30, 2020

If you or a family member lives in an assisted living facility, you know that assisted living costs continue to rise every year. But did you know some of those costs may be tax deductible? Medical expenses, including some long-term care expenses, are deductible if the expenses are more than 7.5 percent of your adjusted gross income. (In 2020, this threshold will be 10 percent.)

In order for assisted living expenses to be tax deductible, the resident must be considered "chronically ill." This means a doctor or nurse has certified that the resident either:

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Category: General Business