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M
maxineandbarbara
February 5, 2024
Question

I received an offer to surrender my Long Term Care Certificate of coverage with a payoff. My payments were tax deductible. How can I figure out my tax liability?

  • February 5, 2024
  • 1 reply
  • 0 views
Is the whole amount that I received added to my income? Do I get to minus the amount I paid in? I always did a long form and claimed the deduction on my taxes?

1 reply

T
ThomasM125
February 5, 2024

The whole amount you received would be taxable if you deducted the premium payments. Otherwise, you would be deducting the premium payments twice.

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