US News & World Report - Health

Understanding a Key Tax Break at Senior Communities


“A misconception many people have is that anything related to senior living or care is tax-deductible,” says Jonathan Gassman, principal at Prager Metis CPAs in New York City. “To qualify for a deduction, an expense must be medically related, such as costs for diagnosis, cure, mitigation, treatment or prevention of disease or ailment and preferably prescribed or ordered by a physician but not always.” more

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