My mother-in-law entered into a "life care contract" with a Continuous Care Retirement Community & made a lump-sum payment of several hundred thousand dollars. She also makes a monthly payment, which includes rent, meals & medical care. We have received paperwork, which details the tax deductability of both of these items. My question is, can we stretch the deductability of the lump-sum payment of over five years?? She doe not have much in the way of income to take advantage of this significant deduction.
