The Internal Revenue Service (IRS) has announced the increased deductibility levels for long-term care insurance policies purchased in 2010.The 2010 limits are:
Attained Age Before Close of Tax Year
Age 40 or less: $ 330
More than 40 but not more than 50: $ 620
More than 50 but not more than 60: $1,230
More than 60 but not more than 70: $3,290
More than 70: $4,110
The per-diem limitation under 7702(d)(4) for calendar year 2010 has increased to $290.
To download a two-page tax primer, please click here.
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