It’s that time of year again – Tax Season. Now is the time to set yourself up for success and ensure you don’t miss out on the assisted living deductions both seniors and caregivers qualify for. Navigating the details of tax forms and deductions can seem complicated so we’ve put together a few helpful tips to ensure you claim the right tax deductions and make this Tax Season feel like a breeze.
“What qualifies me for a tax deduction?” The requirements differ depending on whether the taxpayer is the caregiver or the senior, but typically you can count anything related to the health care of the individual such as eyewear, hearing aids, hospital visits, the assisted living community’s medically related entrance fee, and health insurance to name a few. The IRS Publication 502 is a great resource for assisted living related tax deductions.
“What if I’m a caregiver tax payer?” You qualify for assisted living tax deductions if:
- The senior qualifies as a dependent
- The senior is a U.S. Citizen, national, or resident of the U.S., Canada, or Mexico.
- You provided more than half of the financial support
- You are part of a group of individuals who provided more than half of the financial support
- The senior qualified as a dependent when the medical services were provided or when you paid the expenses
For more details and in-depth review of tax deductions for assisted living visit APFM.
Enjoy your retirement years with Tealridge Assisted Living and Memory Care. Contact us here to receive more information or to schedule a tour.
