1099-LTC must be new

[bekzm]

Must be new tax stuff - cannot get an answer for the 1099-LTC with being in a nursing home
Take the nursing home deduction on schudle A or not?
Guess no one has has this?
Thanks anyway - will try another research program.

[taxxcpa]

1099ltc

Must be new tax stuff - cannot get an answer for the 1099-LTC with being in a nursing home
Take the nursing home deduction on schudle A or not?
Guess no one has has this?
Thanks anyway - will try another research program.

I took a quick look at it using Google. It looks like it is issued when the insurance company pays benefits, so the cost of long-term care should be reduced from the total cost by the amount the insurance company paid. You can, however, deduct the insurance premiums paid for the LTC insurance.

[joanmcq]

Hey my dad got one a few years ago. as long as all the payments were for care, none is taxable, but you do need to enter it onto a special form. Medical payments reduced accordingly.

[taxmancometh]

If the benefits were paid on a per diem basis, then you will need to file IRS Form 8853, Section C. Form 8853 is the form for determining the taxable portion, if any, of long-term care benefits paid on a per diem basis.

The instructions for Form 8853, Pub 525 & 554, plus TMI Deluxe Edition pages 4-7 & 4-1 may be of some help. If this is still clear as mother's milk, give me a hollar and I will do what I can.

Hang in there!

taxmancometh

Must be new tax stuff - cannot get an answer for the 1099-LTC with being in a nursing home
Take the nursing home deduction on schudle A or not?
Guess no one has has this?
Thanks anyway - will try another research program.

[bekzm]

Thank you

Thanks for your guidance. I'm looking it up now so can finish one.
Thanks again.