Yes. Under current IRS guidelines, the non-refundable portion of your entrance deposit may be submitted as a pre-paid medical expense in the year you occupy your Ventana residence. Also, on an ongoing annual basis, a percentage of your total annual monthly fees paid is also eligible for the same tax benefit. That annual percentage varies and correlates the community’s annual health care operating expenses to the total operating expenses, and that percentage is communicated to all members annually by the community’s Executive Director. In some cases, the deduction may also apply to family members who have paid or contributed to an entrance deposit for a relative.
Tax laws are, of course, constantly evolving and always subject to interpretation, but recent legal precedents have been favorable for CCRC members who have sought to deduct portions of their deposits and fees. Of course you and your tax preparation professional should consult closely to determine the best strategy for your circumstances.