Deducting the Cost of Assisted Living

Home Fairmark Forum Other Tax Topics Deducting the Cost of Assisted Living

Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • #2356
    caesark
    Participant

    Husband has massive stroke and lands in assisted living. The couple has enough income to support ordinary living expenses but cannot afford $6,000 monthly payments for assisted living. The assisted living costs do qualify as medical expenses. The couple does not qualify for assistance. Son pays the assisted living costs. Son cannot deduct the cost as medical expenses. Parents cannot deduct the costs since they didn’t pay them. Could son give parents funds on a regular basis as a gift making the payments by them tax deductible as medical expenses?

    #2357
    kaneohe
    Participant

    https://www.marketwatch.com/story/you-can-deduct-these-expenses-even-though-someone-else-paid-for-them-2015-02-03

    “Not too long ago, the U.S. Tax Court concluded that a daughter could deduct medical expenses and real estate taxes on her Form 1040 even though they were covered by gifts from her mother (Judith Lang, TC Memo 2010-286). The gifts were in the form of direct payments by the mother to the medical service providers and local government entities.”

    You might want to see if there are other articles saying the same.
    http://bza.me/?4P5B1X

    • This reply was modified 2 years, 7 months ago by kaneohe.
    #2359
    caesark
    Participant

    kanehoe, Thanks a million. Your response is “right on the money”

    #2361
    kaneohe
    Participant

    Kind of surprised me ……….I knew there was something about someone paying directly…..like for education or medical expenses….but that was just for unlimited gifts………..so I learned something too!

Viewing 4 posts - 1 through 4 (of 4 total)
  • You must be logged in to reply to this topic.