Tax season is upon us, which means many of us will be looking for legitimate expenses to write-off. One question that we’re starting to receive more of is “Can I write off longterm care insurance costs?”
We actually did a post on this back in March and will have an update for 2010 shortly. In the meantime, you can read our previous post here.
Here are a few pointers from that last post that will help get you started (remember, this was for 2009):
There is still time to take advantage of tax deductions in 2008 and also benefit from the increased deductible limits next year. The deductible limits under Section 213(d)(10) for eligible long-term care premiums that can be included in the term ‘medical care’ are as follows:
2009 Eligible Long-Term Care Insurance Premiums
Attained Age Before Close of Taxable Year & Max. Limit
* 40 or less: $ 320
* More than 40 but not more than 50 $ 600
* More than 50 but not more than 60 $1,190
* More than 60 but not more than 70 $3,180
* More than 70 $3,980Source: IRS Revenue Procedure 2008-66 (2009 limits)
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