I was wondering if there were any tax benefits to moving into an assisted living community? It seems that the costs for assisted living keep going up and what documentation do I need to to make the medical cost tax deductible?
That’s a really good question, especially for those trying to determine how much it will cost for living in a full time assisted living facility.
First you should know that the medical treatment cost is the only expense that is tax deductible in the US.
Next the person who is needing assisted living must be documented as “chronically ill”. This must be documented preferably by a medical professional.
The next step, is to determine if the medical expenses total 7.5% -or more- of their adjusted gross income. They must be more than 7.5% of the adjusted gross income.
The final requirement to get the credit is that the medical care must be detailed and outlined in a certified care plan from a medical professional such a doctor or whoever is medically in charge of the person needing assisted living.
