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C
cepruett
February 29, 2020
Question

Deduction

  • February 29, 2020
  • 1 reply
  • 0 views

I sold my home in 2019 and moved into a retirement community. I had to pay an Entrance Fee for apartment and pay monthly service fee. The Entrance Fee is for the right to live in apartment and is 90% refundable when I leave the apartment. Is there a way to take a deduction on federal taxes for the 10% of Entrance Fee that I have paid.

    1 reply

    B
    Bsch4477
    Employee
    February 29, 2020

    You can deduct a portion of the entrance fee, if any, that is attributable to medical coverage.  The facility can tell you if the fee includes that cost. The medical expense can then be deducted as a medical deduction if you can itemize to the extent that your total medical deductions are greater than 7.5 percent of your AGI. 

      C
      cepruettAuthor
      March 1, 2020

      Thank you, however, can any of the lost portion of Entrance Fee (10%) be written off?

      T
      ThomasM125
      March 1, 2020

      If the 10% was necessary for medical care, you could deduct it as a medical expense.

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