Focuses on whether costs incurred for nursing home care is tax deductible. Worry over costs of extended nursing home care; Comments of marketing expert Theodore Levitt; Provisions in the US Internal Revenue Code.EBSCO_AspBrown University Long-Term Care Quality Letter...
Homeowners insurance deductibles:When there's damage to your home due to a covered situation, you'll pay the amount before your insurance company covers the rest. Some homeowners insurance policies have a percentage-based deductible where the deductible is a percentage of your home's insured value...
Is In-Home Care Tax Deductible? As a loved one paying for a caregiver or a family member caring for an older adult on your own, you have a number of tax breaks available to you. Here are a couple I’ve learned about during my years as a professional caregiver. Child and Dependent Ca...
No, the Internal Revenue Service (IRS) considers payments to a homeowners insurance policy nondeductible expenses. However, you may deduct your mortgage loan interest and state and local real estate taxes.1 Is My Homeowners Insurance Tax Deductible When I Use My Home as a Business? The IRS all...
A car insurance deductible is the amount of money you are expected to pay out of pocket if you have a claim. Setting a higher deductible can lower your premiums, but you’ll pay more if you have an accident.
Your financial situation:Make sure your deductible is an amount you’d be comfortable paying out of pocket in a lump sum. If you choose a high deductible to get alower monthly premiumand your pet needs expensive emergency care, you may be responsible for paying the entire bill at once, wit...
If your IRA is a non-deductible IRA, meaning, you contributed after-tax money and you did not take the annual deduction from your income tax filing for contributing to an IRA, then I agree with you...your annuity would be treated as non-qualified and would be taxed using the exclusion ...
You can add to this estimate any sales tax you paid on big-ticket items, such as a new vehicle, boat, RV, or major home renovation. Personal property taxes. A portion of your annual car registration may be deductible. To qualify, the tax has to be based on the vehicle's value...
High-deductible health plans (HDHPs) may offer lower premiums, which could lead to big savings over time. The catch is that you may have a higher deductible, aka the amount you must pay toward your covered health care expenses before your insurer will start chipping in. That means you coul...
Private mortgage insurance (PMI) and Mortgage Insurance Premiums (MIP) are often required for homebuyers who put down less than 20% on their homes. These insurance premiums were not deductible from federal taxes for years, but the legislation surrounding this has evolved.12 ...