Deduction
AlE
Member Posts: 1 Newcomer
Sometime this year I will be going into an Assisted Living Facility. Is any of this cost allowed for Deduction?
0
Answers
-
Hello AlE,
Generally, it is not tax deductible. However, if you are there for medical reasons, then the portion not reimbursed by your insurance may be deductible.
It would be as an itemized deduction, so your total itemized deduction would need to be larger than your standard deduction to make it worthwhile. Also, please note that you can only deduct the medical expenses that is greater than 7.5% of your AGI. So for example, say your AGI is 50,000. 7.5% of that is 3,750. Your total medical expenses for the year was 10,000. The amount you would be allowed to deduct is 6,250 (10,000-3,750).
0
