Submitted By: Joan
Answered: May 22, 2015 9:38 am

Is the dollar limit for deducting long-term care insurance premiums figured on a per-person or per-couple basis?

Each spouse who has a policy can take the deduction up to the dollar limit for his/her age. Thus, if both spouses are age 71 and they each pay premiums in 2015 of at least $4,750, they can deduct $9,500 on their 2015 joint return ($4,750 each, the maximum deduction for 2015).

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Tax Glossary

Home equity debt

Debt secured by a principal residence or second home to the extent of the excess of fair market value over acquisition debt. An interest deduction is generally allowed for home equity debt up to $100,000 ($50,000 if married filing separately).

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