Deductible assisted living costs
Can you deduct money you spend for housing and other services provided by an assisted-living facility? That’s the question a woman from Smithfield asked MoneyLine:
Q: My husband’s health required us to move to an assisted-living facility. We pay the basic room rate, plus $500 for the extra person, and extra for showering and medicine dispensing. How much of this is tax deductible?
“” H.R., Smithfield
A: You may be able to deduct the portion that relates directly to medical expenses. First, though, you must clear a key hurdle:
You cannot deduct medical expenses if you claim what’s known as the lump-sum standard deduction, the amount of which varies depending on your filing status (whether you’re single, or married and filing a joint return, for example).