Did You Know About This Tax Benefit of Moving to a Retirement Community?

There are a number of financial benefits you can take advantage of when you move to a continuing care retirement community like Judson.

For example, depending on your particular circumstances, you may be entitled to a medical expense deduction on your Federal Income Tax return for a portion of the entry fee or monthly service fee you pay to Judson.

Based on information provided in 2014 by the IRS in publication 502 covering medical expense deductions, you can choose one of the following:

  • Taking a one-time deduction of $40,800 if you’re a single resident, or $72,700 for a couple
  • Taking a deduction of $610 if you’re a single resident or $1,110 per couple for each month’s residence at Judson if you have not previously taken a one-time deduction

Judson recommends you consult your tax accountant to determine your eligibility.

“Our accountant explained we could take a one-time medical tax deduction, or spread it out over time,” says Judson Park resident Kerstin Trawick. “We chose to take the one-time deduction after our first year, and it proved to be very advantageous. We were pleasantly surprised to receive a refund of over $10,000!”

If you have questions about this or other financial benefits of moving to a continuing care retirement community, please call (216) 791-2004.

 

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