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Deductions & credits
Confirmed. January 31, 2024, the IRS has determined that residents of some retirement communities that enter into a life care contract can under certain circumstances deduct a portion of their monthly fees and sustaining fees as prepaid medical expenses. IRS guidance see rulings 67-185, 76-481, and 93-72 as well as the Finzer case and the Baker case.
March 19, 2024
1:21 PM