I have a client who is considered "chronically ill". They are very wealthy and they are paying for 24/7 home health care. 2022 total costs were $150K. That represents only 1/2 year though. 2023 will be closer to $300K.
Is there a cap on how much you can reasonably deduct if your home health care costs exceed what a nursing home might cost? Can you be penalized and have your deduction capped for paying for the very best care possible at your own home? Never heard of such a cap. But never seen costs this high before.