Subsequent Retirement Community Developments
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Subsequent Retirement Community Developments
New developments since publication of the article, "Maximizing Medical Deductions for
Residents of Retirement Communities," include the following:
Medical Deduction Denied for Entrance Fee to Residential Retirement Community. – As the
article makes clear, retirees in continuing care retirement communities may generally take
medical deductions for the portions of their monthly fees allocable to the medical expenses of
the community. However, a deduction for a portion of the entrance fee may be a bit more difficult
to sustain. Based on the particular facts of a case, a federal district court denied any medical
deduction for an entrance fee on grounds the fee (1) was paid for the cost of the community’s
physical facilities and (2) had many of the attributes of a loan to the community. (Finzer v. United
States, ___ F. Supp. ___ (N.D. Ill. July 20, 2007).)
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New developments since publication of the article, "Maximizing Medical Deductions for
Residents of Retirement Communities," include the following:
Medical Deduction Denied for Entrance Fee to Residential Retirement Community. – As the
article makes clear, retirees in continuing care retirement communities may generally take
medical deductions for the portions of their monthly fees allocable to the medical expenses of
the community. However, a deduction for a portion of the entrance fee may be a bit more difficult
to sustain. Based on the particular facts of a case, a federal district court denied any medical
deduction for an entrance fee on grounds the fee (1) was paid for the cost of the community’s
physical facilities and (2) had many of the attributes of a loan to the community. (Finzer v. United
States, ___ F. Supp. ___ (N.D. Ill. July 20, 2007).)
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covered. However, the information provided on this website is not a substitute for the advice of an attorney,
accountant, or other professional; and the author is not offering legal, accounting, or other professional
advice. The material presented on this website is not intended for use, and may not be used, to avoid tax
penalties. If you need legal advice or other professional help, you should seek (from an independent
attorney, accountant, or other competent professional) advice based on your own particular circumstances.