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Submitted By: someone
Answered: July 15, 2020 11:22 pm
Answered: July 15, 2020 11:22 pm
My long-term care policy paid expenses to the assisted living facility I live in. Am I taxed on these payments?
No. Payouts from a long-term care policy for long-term care are tax free.
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Tax Glossary
Ordinary and necessary
A statutory requirement for the deductibility of a business expense.
