Yes. As an equity-ownership community, Legacy enables its resident members to retain the tax benefits of home ownership without the hassle of home maintenance, all while leaving a legacy for loved ones. In addition, residents of Legacy at Mills River may be allowed a tax benefit. A percentage of the monthly payment may be taken as a medical expense deduction each year. In January of each year, Legacy will provide residents with the percentage of the prior year’s monthly payment that has been determined to be attributable to the operations of the Health Center. This medical deduction is, of course, subject to limitations imposed by the Internal Revenue Code and should be taken only under the advice of your personal accountant or tax advisor.
NEWS & BLOG
https://legacyatmillsriver.com//wp-content/uploads/2018/09/logo.png 0 0 Drake Newkirk https://legacyatmillsriver.com//wp-content/uploads/2018/09/logo.png Drake Newkirk2018-10-31 01:20:032020-03-18 18:55:01Are there tax advantages of moving to a Continuing Care Retirement Community?