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Financial Planning / Tax Strategies
|Subject: Long Term Care Payments||Date: 3/7/2014 12:00 AM|
|Author: apacherose||Number: 120391 of 124464|
In looking over tax-related documents, I noticed a 1099 for Long Term Care Benefits. The attached note states to consult a tax advisor about whether the amount needs to be reported as income on my parents' tax return.
I know, if there are enough deductions to itemize, it would definitely offset Mom's nursing home costs.
Anyone's call as to whether this will need to be reported as taxable income. I'm hoping not.
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