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How? Medical tax deductions are often available for seniors who reside at continuing care retirement communities (CCRCs). At communities, like Carmel Valley Manor, that offer a “Type A” Life Care contract, deductions may be available based on both the entry fee and the monthly fee.
CCRCs offer a variety of care from independent living to assisted living and skilled nursing. At Carmel Valley Manor, residents pay a one-time entry fee to become part of the community and a monthly fee while living in the community.
If you enter into a Life Care contract at Carmel Valley Manor, a portion of your entry fee and monthly fees may be classified as a pre-paid medical expense. The availability and extent of these tax deductions depend on several factors, including the type of residency contract you choose the portion of your entry fee that is refundable, and your individual tax and filing circumstances.
Carmel Valley Manor does not offer tax advice. Please consult with a professional tax advisor about your circumstances, eligibility, and the most current IRS rules.
The medical expense deduction is an important tax deduction that is often overlooked.
CCRCs offer a variety of care from independent living to assisted living and skilled nursing. At Carmel Valley Manor, residents pay a one-time entry fee to become part of the community and a monthly fee while living in the community.
If you enter into a Life Care contract at Carmel Valley Manor, a portion of your entry fee and monthly fees may be classified as a pre-paid medical expense. The availability and extent of these tax deductions depend on several factors, including the type of residency contract you choose the portion of your entry fee that is refundable, and your individual tax and filing circumstances.
Carmel Valley Manor does not offer tax advice. Please consult with a professional tax advisor about your circumstances, eligibility, and the most current IRS rules.
Deductions are available if you itemize your tax return rather than taking the standard deduction.
Deductions are available if you itemize your tax return rather than taking the standard deduction.
CARMEL VALLEY MANOR
8545 Carmel Valley Road
Carmel, California 93923
(831) 624-1281
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