What are some of the tax advantages of a CCRC?
The IRS has ruled that a large portion of the accomodation fee (entry fee) is tax deductable in the year it is paid as future health care cost. Every year a caculation of how much of each monthly maintenance fee goes toward operating the Manor Care facility is distributed to residents and can be used toward their medical deduction. All care provided to residents of Manor Care can be deductable as well. Click here to read an article from Smart Money on the tax advantages of a continuing care retirement community. Capital Manor recommends all tax considerations be discussed with your tax professional to see how this may impact your tax situation.
