by Thomas D. Begley, Jr., CELA<\/p>\n
Medical Deduction \u2013 Client<\/em><\/strong><\/p>\n The IRS permits an income tax deduction for medical expenses. Medical expenses include qualified long-term care services. A taxpayer can claim an itemized deduction for unreimbursed medical expenses to the extent such expenses exceed 10% of adjusted gross income. For individual age 65 and older, the threshold is 7.5% until December 31, 2016. If an individual is institutionalized, an issue may arise as to whether room and board is deductible for medical expenses. The question frequently arises if an individual has resided in an assisted living facility. The answer is that such expenses are deductible if a principle reason<\/em> for the individual’s institutionalization is to receive medical care. The costs of meals and lodging are necessary incidents to medical care and are deductible.<\/p>\n Asset Transfer<\/em><\/strong><\/p>\n by Thomas D. Begley, Jr., CELA Medical Deduction \u2013 Client The IRS permits an income tax deduction for medical expenses. Medical expenses include qualified long-term care services. A taxpayer can claim an itemized deduction for unreimbursed medical expenses to the…<\/span><\/p>\n\n