It's possible that someone in your family will need assisted living care at some point in their life. This care can be at an assisted living facility, a nursing home, or in their own home. Often, assisted living care is expensive and not fully reimbursable by typical health insurance policies. Thankfully, there is a medical expense itemized deduction when the out-of-pocket amount exceeds 10 percent of your adjusted gross income.
Here’s what you can do to increase the chances for you or a loved one to maximize their tax deduction.
As always, feel free to pass this Tip along to friends, and reach out if you need help with your personal tax and finance situation.