154208
You'll need to sign in or create an account to connect with an expert.
Yes, you may include it.
This, from IRS Publication 502:
Lifetime Care—Advance Payments
You can include in medical expenses a part of a life-care fee or “founder's fee” you pay either monthly or as a lump sum under an agreement with a retirement home. The part of the payment you include is the amount properly allocable to medical care. The agreement must require that you pay a specific fee as a condition for the home's promise to provide lifetime care that includes medical care. You can use a statement from the retirement home to prove the amount properly allocable to medical care. The statement must be based either on the home's prior experience or on information from a comparable home.
Ours say "level of care" in their statements and it also includes "rent" separately.
Please clarify your question so that someone may be able to give you some assistance.
I wasn't asking a question, but replying to a question. My answer is based on our statements from assisted living care.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
bobster3366
Level 2
sking10
Level 3
lcab0293
New Member
annco9
New Member
depression baby
New Member