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Are there any tax advantages to living in a continuing care retirement community?

April 26, 2017advantages Continuing Living retirement tax

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Are there any tax advantages to living in a continuing care retirement community?

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Under current IRS guidelines, the portion of your entrance fee that is associated with the health care component of the community is considered a prepaid medical expense in the year in which the full entrance fee is paid and potentially can be used as a medical deduction on your taxes.