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Started By
Message
Caregiver costs
Posted on 10/28/20 at 11:28 am
Posted on 10/28/20 at 11:28 am
So I am paying an agency to provide me with caregiver for my handicapped wife while I go to work during the week. Average cost per month is about $3500. Is any or all of this tax deductible?
4
Posted on 10/28/20 at 11:35 am to JBM210
what state do you live in?
Posted on 10/28/20 at 11:57 am to JBM210
Consult a tax professional, but medical expenses (including qualified long-term care) are an itemized deduction in the event that they exceed 7.5% of your Adjusted Gross Income.
At $3,500 a month for 12 months that is $42,000 a year, easily exceeding the standard deduction meaning you would itemize, and unless you are making over $500k a year, would exceed 7.5% of your AGI.
At $3,500 a month for 12 months that is $42,000 a year, easily exceeding the standard deduction meaning you would itemize, and unless you are making over $500k a year, would exceed 7.5% of your AGI.
This post was edited on 10/28/20 at 11:59 am
Posted on 10/28/20 at 3:55 pm to CrawfishOfWallstreet
Thanks, I’m in Louisiana
Posted on 10/28/20 at 11:00 pm to JBM210
I just wanna say God bless your wife and you. What a wonderful husband you are!
Posted on 10/29/20 at 7:56 am to tigergirl10
quote:
I just wanna say God bless your wife and you. What a wonderful husband you are!
Yes, I want to echo this. Had to take care of my parents before they passed away, and it consumes you. God bless you and your wife.
Posted on 10/29/20 at 8:16 am to JBM210
quote:
Average cost per month is about $3500.
If it fits your situation, there are assisted living facilities that cost less than that, with meals included. I was surprised at how affordable, and nice, they can be. Not the same as a nursing home at all. Like a private apartment, with help on hand.
We have a relative in one that is 5 minutes from home. They can come and go at will in normal times, so home visits on weekends and holidays. Covid has that messed up now. If they leave, with certain exceptions, they quarantine after return.
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