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Valentino is a patient in a nursing home for 46 days of 2023 . While in the nursing home, he incurs total costs of $23,184.
Valentino is a patient in a nursing home for 46 days of 2023 . While in the nursing home, he incurs total costs of $23,184. Medicare pays $13,910 of the costs. Valentino receives $25,502 from his long-term care insurance policy, which pays while he is in the facility. Assume that the Federal daily excludible amount for Valentino is $420. Of the $25,502, what amount may Valentino exclude from his gross income? x Feedback 7 Check My Work If an income item is within the all-inclusive definition of gross income, the item can be excluded only if the taxpayer can locate spe authority for doing so. Generally, long-term care insurance, which covers expenses such as the cost of care in a nursing home is tre same as accident and health insurance benefits
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