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IRS Increases Long Term Care Insurance Deductible Limits
Source:
finance.yahoo.com
- Oct 26, 2015
LOS ANGELES, CA--(Marketwired - October 23, 2015) - A couple with tax-qualified long term care insurance coverage could enjoy a maximum $9,500 tax deduction in 2015. The potential tax deduction increases to $9,740 in 2016 according to a just-released IRS revenue procedure.
"The potential tax deductibility of tax-qualified long term care insurance costs is one of the most overlooked benefits especially for older retired Americans," states Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI). The IRS permits deductions for long term care insurance policies that meet certain eligibility standards notes AALTCI. Life insurance policies that offer a long term care benefit are generally not eligible for a tax deduction.
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Category: IRS
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