Is Assisted Living Tax Deductible?
It is that time of year; the time when we start gathering all of our financial information and meeting with our accountants to begin preparing our tax returns. It may be helpful to notify your residents and their responsible parties that in some circumstances the money they have paid for assisted living services may be tax deductible. You should always avoid giving specific tax advice, of course, but you can refer them to IRS Publication 502 that explains more about deductible medical and dental expenses. (more…)