Keep in mind the following rules when it comes to medical expenses which can include any long term care premiums you have paid in 2017.

  1. Premiums that you pay for long term care insurance are tax deductible if they along with other unreimbursed medical expenses exceed 7.5% of your Adjusted Gross Income. (Public Law 115-97, the Tax Reform Act of 2017, enacted on December 22, 2017)
  2. If you are self-employed the above rules do not apply and you can deduct the premiums as long as you made a profit. Here are the 2017 limits:

 

 

 

 

Fahmy & Associates, Inc, does not provide tax or legal advice.  The tax information and tables above are for illustrative purposes only and are not intended as tax, accounting or legal advice.  Fahmy & Associates, Inc. does not guarantee or accept liability for the accuracy of this information.  Please consult with a licensed CPA or ax attorney for more information.