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The Formula Wealth Report

Is That Care Expense Deductible? (Spoiler: Yes, Sometimes)

Published 20 days ago • 1 min read

Smart Money, Made Simple

Navigating Your Financial Future Doesn't Have to be a Headache

Hey there,
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Here’s something you don’t hear every day: long-term care costs can sometimes be tax-deductible. No, really!
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If you’re helping your parents with elder care, assisted living, or medical appointments, there’s a chance Uncle Sam might actually give you a little relief—if you know how to ask.

What counts?

  • Memory care
  • In-home caregivers
  • Assisted living (when it’s for medical need)
  • Even mileage to medical appointments- yes, start saving those gas receipts

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Here’s the really good news: if you’re paying directly for your parents’ care, the Qualified Medical Expense exception can keep those payments from being considered a “gift.”
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Translation: you’re helping your parents and not cutting into the estate tax exemption.

The takeaway:​
Caregiving is already a big responsibility, financially and emotionally. But with the right strategy, the costs don’t have to be all on you. Sometimes the tax code actually plays nice!

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Want to know if your family qualifies?​
Get a Life Audit and we’ll walk through the options together.
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Warmly,

Chad Holmes, CFP®, CPA, CPWA®

Founder | Financial Planner | Author

​www.formulawealth.com​

(901) 262-1281 Cell

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P.S. Sadly, Costco-size chocolate purchases don’t count as medical expenses. (I checked!)

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​Check Out The Inheritance Playbook​

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