The Assisted Living Tax Deduction (VIDEO)

Some or all of your assisted living costs may be tax deductible! While you should speak with an income tax advisor for advice specific to your situation, Peter Mullin, partner at Senior Living Residences (Boston, MA) explains the basics of the assisted living tax deduction.

 

 

The good news is that for some seniors the cost of their assisted living monthly rent and personal care expenses might be deductible. For others, just the specific personal care services would qualify. Speak with your tax professional to best understand your personal situation.

For more resources on assisted living pricing structures and how the average person pays for senior care, download a copy of our Paying for Assisted Living ebook.