Nursing home security deposit

Is a security deposit that is required for admission to a nursing home tax deductible?

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Nursing home security deposit

No. This is not considered a medical expense. This is either a deposit that will be returned to you at some point or is considered as security to use for the monthly charge if and when it may occur. If that does happen at any point, then at that time it would be deductible if it is paid for your dependent you claim or was able to claim when the expense occurred, or your spouse.

IRS Publication 502

Required medical expenses can be deducted if you are able to itemize your deductions as opposed to taking the standard deduction.

The deduction is limited to qualified medical expenses which exceed 7.5% of your Adjusted Gross Income (AGI).

Sign into your TurboTax account and you can enter your medical expenses in the Federal section of the program.

Select Deductions & Credits
Select Medical
Select Medical expenses
Enter your nursing care expenses under medical facility fees.

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