Medical Tax Deduction in Columbus, Georgia

What Is It?

Most Life Care residents of Spring Harbor benefit from the medical expense deduction on their annual IRS tax returns. Portions of non-refundable entrance fees and monthly fees paid by independent living residents of a Life Care facility like Spring Harbor are often deductible to the extent that they represent a charge or pre-payment for future personal care or skilled nursing care. Tax-deductible medical expenses include things like health insurance premiums (including Medicare premiums), long-term care insurance premiums, prescription drugs, personal care and nursing home care and many other out-of-pocket health care related expenses.

Residents can use the 7.5% threshold for deducting medical and dental expenses as long as the taxpayer or their spouse was 65 or over during or before the tax year.
*Spring Harbor does not provide tax advice. Please contact your tax accountant for guidance.

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