Tax Advantages

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If you’re interested in expanding your life at Willamette View but worried about the costs, give us a chance to ease your mind -- then talk over your options with a trusted financial advisor. We’re more affordable than you might expect, especially when you factor in certain tax advantages available to Oregonians as well as residents of a Continuing Care Retirement Community (CCRC).


Medical tax deductions
The IRS may recognize a percentage of both the Entrance Fee and Monthly Fee as a medical expense deduction. This means that a portion of the Entrance Fee may be deductible for the year you move into the community. The IRS may also allow you to deduct a portion of the Monthly Fee each year, which equates to an ongoing medical tax deduction.

State sales tax
Oregon doesn’t have one.

Comparing relocation costs
When you’re comparing tax costs between possible new locations, income taxes aren’t the only issue to consider. For example, some states impose relatively high sales taxes. Other locations may have steep property or local taxes. So while it may be appealing to avoid state income taxes, what you save on them may cost you elsewhere. Keep in mind that many states with an income tax exempt Social Security and other types of pension or retirement income, or have other retiree-friendly policies.

The best strategy is to look at the big picture and determine your net cost of living in the locations you’re considering. If you’re uncertain about how relocation will affect your tax situation, your CPA can help you compare your options and make the best choice.

Consult a professional
Each year, CCRC auditors compute the percentage deduction that the IRS may allow (all computations are subject to IRS rulings). Anyone considering moving to a CCRC should consult his or her personal tax advisor for the tax implications of the deduction on their personal tax return.