More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. But there may be tax consequences. Let’s take a look at five possible tax breaks. 1. Long-term medical care The costs of qualified long-term care, including nursing home care,
sale of principal residence
Aug 2, 2023
Moving Mom or Dad into a nursing home? 5 potential tax implications
- By Victor Dozzi
- Taxes
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Jun 22, 2023
4 tax challenges you may encounter if you’re retiring soon
- By Joan Ellenbogen
- Retirement
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Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum distributions. These are the minimum amounts you must withdraw from your