Are CCRC Tax Deductions Only Available at Non-Profit CCRCs?

As we’ve written about in the past, residents of continuing care retirement communities (CCRCs or “life plan communities”) often are able to take a tax deduction on a portion of their monthly fee (and even on any non-refundable portion of the entry fee in the first year). This deduction is available under Section 213 of [...]

By |2023-11-20T16:37:45-05:00November 14th, 2023|

Understanding Tax Deductions for CCRC Residents

Here at myLifeSite we are frequently asked about medical expense tax deductions at a continuing care retirement communities (CCRCs, or "life plan communities"). In this post we'll cover the details about this deduction, but please be sure to consult with your accountant or tax preparer before making any decisions. What is the medical expense tax [...]

By |2023-06-23T16:10:48-04:00July 6th, 2021|

You May Be Able to Deduct Some CCRC Costs from Your Taxes

Over the past months since COVID-19 turned our world upside down, I’ve done a few dozen webinars for prospective residents of various retirement communities across the country focused on planning for the future in an uncertain environment. One of the most common questions that I get during the Q&A portion of these sessions continues to [...]

By |2023-08-03T09:32:18-04:00August 24th, 2020|

5 Important Factors for Choosing a Retirement Location

You’ve heard the adage that when it comes to buying real estate, the three most important factors are location, location, and location. This is largely true if you are purchasing a home or other property, but it is also applicable when thinking about your retirement location. Where do you envision you will live as you [...]

By |2023-08-03T09:41:37-04:00January 20th, 2020|

Proposed Tax Changes May Hit Seniors & CCRCs Hard

Taxes have been a hot topic over the past few weeks and months as the president and GOP-controlled Congress try to push through changes that will impact millions of Americans—raising the tax bill for some while lowering it for others. If you’re like me, you may be trying to figure out which of these two [...]

By |2023-10-31T23:21:14-04:00November 27th, 2017|
Go to Top