Tax Deduction Alert: Long-Term Care Costs for Parents

In this one-minute moment, Dr. Friday highlights that costs for parents in assisted living or long-term care facilities can often qualify as a significant medical expense deduction, necessitating itemization.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

And it’s for all those adults that maybe have parents that are in long-term care situations. One of the things I have noticed this year is that many people are missing the whole point that in long-term care, when a parent has to be in assisted living, that is considered a medical deduction.

Many times, people are having to take quite a bit of money—$7,000, $9,000 a month—to keep their parents in those facilities. A large chunk of that could be considered a medical expense, so therefore, itemizing is a must.

So, if you need help understanding how that could be a way of putting more money in your parents’ pocket, give us a call: 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.