1. LO.2 Valentino is a patient in a nursing home for 45 days in 2021. While in...

Question:

1. LO.2 Valentino is a patient in a nursing home for 45 days in 2021. 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 $400. Of the $15,000, what amount may Valentino exclude from his gross income?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: