Continuing Care Retirement Community Tax Deductions
Many people move to retirement communities to enhance their quality of life, for financial protection down the road, planning for their future healthcare as well as other reasons. But, one of the most often overlooked benefits of living at a community like John Knox Village East is the tax benefits that residents can receive. With tax season upon us, we thought it would be topical to let folks know about the tax incentives available to residents living at John Knox Village East, among the other advantages received on a daily basis. Currently, the IRS allows a continuing care retirement communities tax deduction for people living in Life Care community like John Knox Village East or a Life Plan community.
Our resident’s quality of life is improved for many reasons. Their stress is reduced because they don’t have to worry about the upkeep of a home. They don’t have to stress out about replacing a water heater, a furnace, a roof. When it snows, someone else shovels the snow for them. The quality of life is also enhanced by the friendships that are just a knock on the door away. In your own home, you may have to rely on family and friends to come visit you, but at John Knox Village East, a friend is just down the hall and making those connections isn’t dependent on the weather or your ability to drive. Those friendships are nurtured by the participation in the many events that are organized for our residents. Some of those events are on-site and some are offsite events like our supper club trips and trips to see area attractions and events.
Financial protection exists for the residents at John Knox Village East because they never have to worry about where their healthcare is coming from or what it’s going to cost. That’s one of the advantages of being in a LifePlan Community. Having this part of your life mapped out is just one less thing to worry about. At John Knox Village East, we provide healthcare no matter what level of help you need. We provide Independent Living, Assisted Living and Skilled Nursing levels of care.
And, since John Knox Village East is a healthcare community, the IRS has ruled that a portion of the fees that our residents pay to live here are tax deductible. This ruling allows this because a portion of these fees goes for the provision of medical care. This CCRC tax deduction is one of the most significant financial benefits of calling a Life Care community home. There have been a few rulings on this topic from different courts around the country. John Knox Village East does not provide tax advice and we are not tax experts, but we do suggest that people ask their tax professionals about the tax benefits they could receive by calling John Knox Village East home.
The benefits of living at John Knox Village East are vast and varied. In a nutshell, we help keep you active and healthy and delay that entrance into the nursing home, but we offer care in our health center when you need it at a predictable, planned amount. And, you can receive tax benefits by taking steps to plan for your future healthcare needs now, while you’re still healthy. Call us today at 660-584-4416 or visit us at https://www.johnknoxvillageeast.com/contact/ and fill out the form so that you can receive the appropriate information to discuss with your tax professional.