Valentino is a patient in a nursing home for 45 days of 2019. While in the nursing

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Valentino is a patient in a nursing home for 45 days of 2019. While in the nursing home, he incurs total costs of $13,500. Medicare pays $8,000 of the costs. Valentino receives $15,000 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 $370.

Of the $15,000, what amount may Valentino exclude from his gross income?

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South-Western Federal Taxation 2020 Comprehensive

ISBN: 9780357109144

43rd Edition

Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman

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