Senior Living Taxes: What You Need to Know
Senior living is a wonderful option for older adults looking to downsize, simplify their lives, and enjoy their golden years. But what about taxes? Many seniors are unsure about how their taxes will be affected by their move to a senior living community. In this article, we will explore everything you need to know about senior living taxes.
Understanding Senior Living Taxation
When it comes to senior living, there are several different types of communities available. Each community has its own unique tax implications, so it's important to understand what you're getting into before you make a decision.
Independent Living Taxation
Independent living communities are designed for active elders who want to keep their independence while enjoying a variety of amenities and services. These communities are typically not subject to any special tax rules, so residents will pay taxes just like they would if they were living in a regular apartment or home.
Assisted Living Taxation
Assisted living is designed for elders who need some assistance with daily activities, such as bathing, and medication management. These communities are typically subject to the same tax rules as independent living communities, so residents will pay taxes just like they would if they were living in a regular apartment or home.
Memory Care Taxation
Memory care is designed for seniors with memory impairment, such as dementia or Alzheimer's disease.