Tax Benefits of Moving to a CCRC
April 7, 2017
Continuing care retirement communities or CCRCs adapt to aging residents’ changing mobility and health needs by providing a variety of services. Did you know that CCRC tax benefits can offset the costs of entrance and monthly fees?
CCRC residents can deduct portions of their non-refundable entrance fees and monthly fees in excess of 7.5% of adjusted gross income (AGI) as prepaid medical expenses. (IRS Revenue Rulings 67-185, 75-302 and 76-481).
To learn more about the tax benefits of moving to a CCRC like Abernethy Laurels, call Rob Hartsell at 828-465-8519.