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IRS Increases Long Term Care Insurance Deductible Limits

Source: finance.yahoo.com/news/irs-increases-long-term-care-141800220.html;_ylt=A0LEVirqWS5WSmYA6yoPxQt.;_ylu=X3oDMTByMjB0aG5zBGNvbG8DYmYxBHBvcwMxBHZ0aWQDBHNlYwNzYw-- - Oct 26, 2015

LOS ANGELES, CA--(Marketwired - October 23, 2015) - A couple with tax-qualified long term care insurance coverage could enjoy a maximum $9,500 tax deduction in 2015. The potential tax deduction increases to $9,740 in 2016 according to a just-released IRS revenue procedure.

"The potential tax deductibility of tax-qualified long term care insurance costs is one of the most overlooked benefits especially for older retired Americans," states Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI). The IRS permits deductions for long term care insurance policies that meet certain eligibility standards notes AALTCI. Life insurance policies that offer a long term care benefit are generally not eligible for a tax deduction.

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Category: IRS