Valentino is a patient in a nursing home for 45 days in 2017. While in the nursing

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Valentino is a patient in a nursing home for 45 days in 2017. 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 daily Federal statutory amount for Valentino is $360. Of the $15,000, what amount may Valentino exclude from his gross income?
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South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities

ISBN: 9781337386173

21st Edition

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

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