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You, or the person paying for your care, may be eligible for certain deductions on your federal tax return, depending on the type of services and the level of care you require. The IRS allows deductions for the cost of housing and meals if you are receiving long-term care in a home or community due to chronic illness or the inability to live alone. Assisted living residents receiving personal care services may qualify for the deduction. To qualify, you must require assistance with at least two activities of daily living (such as eating, toileting, transferring, bathing and dressing), and a physician must certify that you have been unable to perform these functions without assistance for at least 90 days. Tax deductions can be a useful way to alleviate the cost of care. However, please note that RainbowVision does not provide tax advice for its residents, potential residents, or families, and this information should not be considered as such. Other qualifications may apply. Federal and state tax laws may affect your personal return and ability to deduct expenses. This information is not to be used for or construed as legal advice as each person's specific situation is different. Always consult an accountant or attorney before making these decisions. |
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