When an ailing parent or loved one requires in-home care due to a chronic illness, professional care provided by a doctor, nurse, social worker, or even a non-professional care provider may be deductible as a medical expense. These long term care expenses, which can be very costly if not paid by a long term care insurance plan, are deductible above 7.5% of the adjusted gross income of the taxpayer on the Schedule A
Stuart Steinberg, CPA, MBA has owned a strategic tax planning practice on the North Shore for 23 years. Please feel free to contact him anytime and let Erock Tax take care of you!