A Simple Guide to Senior Living Tax Deductions
Posted on March 25, 2016 by Steve Morgan
There are few things in life more confusing than the tax code. The annual ritual of tracking down credits and deductions to minimize tax liability can be tedious, and the rules seem to change year over year.
The availability of senior living tax deductions comes down to whether or not the services provided meet a medical need. The reason this is important is because in order to deduct the costs from taxable income, the IRS requires they qualify as medical expenses. These deductions can offset a portion of the cost of senior living for residents and their families. (more…)