The Entrance Fee and Monthly Fee for Lifecare residents is tax deductible! As a Lifecare resident of Elm Terrace Gardens you are able to deduct a certain percentage of your entrance fee and monthly fees from your federal income taxes. The reason for this is that the IRS recognizes a portion of the entrance fees and monthly fees as prepaid potential medical related expenses. This is just another great benefit you can take advantage of as a Lifecare resident at Elm Terrace Gardens.
In 2010 the tax deduction levels were:
Entrance Fee Deduction=32%
Monthly Fee Deduction=46%