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I purchased a long term care policy (qualified) in 2011 for which I made a single premium payment of $144,000. I realize there is a limited deduction for this on a yearly basis. Can I deduct the premium repeatedly up to the amount I paid for it?


ANSWER


The BIDaWIZ Team's Answer:

Unfortunately, you cannot apply the portion of the premium that you couldn't deduct in the current year to the following year as defined by Internal Revenue Code 213(d).

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