Watch your wallet: the median cost in 2018 for an assisted living facility was $48,000 and over $100,000 for nursing home care.
If you could deduct these expenses, you’d substantially reduce your income tax liability—possibility down to $0—and dramatically reduce your financial burden from these costs.
As you might expect, the rules are complicated as to when you can deduct these expenses. But we’ll break them down for you and explain when you can claim the costs as medical expenses. ... Log in to view full article.