CCRC Entrance Fee - Spidell

CCRC Entrance Fee

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Message Board CCRC Entrance Fee

  • This topic has 0 replies, 1 voice, and was last updated 1 week, 3 days ago by Jerilynn Blackstone.
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      Jerilynn Blackstone
      Participant

      I have not had a client who moved into a CCRC since before the Baker v Comm. (2004) and Finzer v US (2007) cases and I want to be sure that there have been no other recent pronouncements I should consider.

      My clients are paying a $533,000 entrance fee and monthly fees of about $7,200.  The CCRC indicates that annually 37.49% of the monthly fees are deductible as medical expenses.  In addition 37.49% of the the non-refundable portion of the Entrance fee, which they say is only $7,500, is deductible.

      When I last filed a return with this deduction, the IRS did not question it.  Has anyone had recent experience/problems?  Is the IRS scrutinizing this deduction or how the CCRC made the calculation?  Do these numbers seem reasonable?

      Thanks

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