Asked by Zachary Wages on May 14, 2024
Verified
Premiums paid for long-term care insurance policies may be deductible as medical expenses.
Long-Term Care Insurance
Long-term care insurance is a type of insurance designed to cover the costs of long-term care services, including nursing home care, assisted living, or in-home care.
Medical Expenses
Costs incurred for the diagnosis, cure, mitigation, treatment, or prevention of disease, and for treatments affecting any part or function of the body.
- Discern the limitations and prerequisites for medical expenses deduction.
Verified Answer
MS
Mohsen SojoudiMay 18, 2024
Final Answer :
True
Explanation :
Long-term care insurance premiums may be deductible as medical expenses on Schedule A of the taxpayer's tax return, subject to certain limitations based on age and the amount of the premium paid.
Learning Objectives
- Discern the limitations and prerequisites for medical expenses deduction.