Message Font: Serif | Sans-Serif
No. of Recommendations: 0
You need to go to the IRS web site and have a look at Pub 502; here is a direct link:

It's a little complicated. Long term care insurance premiums appear to qualify (up to a dollar limit), but only if they are associated with a "qualified" LTC insurance plan - of course, that term is carefully defined later. And the insured has to qualify as well - in this case, your mother would have to be your dependent (for tax purposes) or you otherwise would have to be paying more than 1/2 of her support. There's something called a "multiple support agreement" that sort of fits your situation, but that doesn't help all of you - as I read it, only one of you and your siblings would get to deduct their share of qualified LTC premiums under such an agreement. As for your reimbursement to your brother, that won't fly at all as a deduction.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.