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My Husband is in a long term care facility, called Sunrise.

He has an insurance policy...
My Husband is in a long term care facility, called Sunrise. He has an insurance policy for long term care. Each month I receive payment from the insurance policy at a daily rate of 285 per day. The sunrise facility charges 175 per day. The 100 difference I use to pay for his other daily expenses, like food, clothes, entertainment, travel etc. Is this taxable income - this 100 dollar per day. This comes to about 36k for the year (365 days * 100)?
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6/5/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

Thank you for your question, and thanks for using JustAnswer.com

MyVirtualCPA :

This amount is not included in your taxable income, as the total payment from your long term care insurance policy is below the allowed limit.

MyVirtualCPA :

So, rest assured this $36,000 per year is tax free.

MyVirtualCPA :

Please let me know if you need anything additional. If not, please rate my response "excellent" so that I may receive credit for assisting you today.

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