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{"id":16149,"date":"2016-10-27T17:03:35","date_gmt":"2016-10-27T17:03:35","guid":{"rendered":"http:\/\/www.seonewswire.net\/2016\/10\/premiums-for-long-term-care-insurance-can-be-a-tax-deduction\/"},"modified":"2016-10-27T17:03:35","modified_gmt":"2016-10-27T17:03:35","slug":"premiums-for-long-term-care-insurance-can-be-a-tax-deduction","status":"publish","type":"post","link":"http:\/\/www.seonewswire.net\/2016\/10\/premiums-for-long-term-care-insurance-can-be-a-tax-deduction\/","title":{"rendered":"Premiums for long-term care insurance can be a tax deduction"},"content":{"rendered":"
Under IRS regulations, taxpayers can deduct a greater amount from their 2016 taxes due to the purchase of long-term care insurance. You can deduct premiums for long-term care insurance policies that are \u201cqualified,\u201d to the degree to which they, in conjunction with other medical expenses for which you are not reimbursed, including Medicare premiums, are greater than 10 percent of the adjusted gross income of the insured, or 7.5 percent for taxpayers age 65 or older. <\/p>\n

The premiums, which represent the amount the policyholder pays the insurance company to maintain the effectiveness of the policy, can be deducted by the taxpayer, the taxpayer\u2019s spouse and other dependents. The rules for tax-deductibility are somewhat different for a person who is self-employed. You can deduct the premium, provided you realized a net profit. It is not required that your medical expenses are greater than a specific percentage of your income. <\/p>\n

However, there is (more…)<\/span><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Under IRS regulations, taxpayers can deduct a greater amount from their 2016 taxes due to the purchase of long-term care insurance. You can deduct premiums for long-term care insurance policies that are \u201cqualified,\u201d to the degree to which they, in…<\/span><\/p>\n

Read more ›<\/a><\/div>\n

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