ARE THERE TAX ADVANTAGES OF MOVING TO A CONTINUING CARE RETIREMENT COMMUNITY?

Yes. Under current IRS guidelines, the non-refundable portion of your entrance deposit may be submitted as a pre-paid medical expense in the year you occupy your Viamonte residence. Also, on an ongoing annual basis, a percentage of your total annual monthly fees paid is also eligible for the same tax benefit. That annual percentage varies and correlates to the percentage of the community’s total expenditures that are related to healthcare. This information is tracked and shared with all Viamonte residents annually by the community’s Executive Director.

Tax laws are, of course, constantly evolving and always subject to interpretation, but recent legal precedents have been favorable for CCRC residents who have sought to deduct portions of their deposits and fees. Of course, you and your tax preparation professional should consult closely to determine the best strategy.