Exercise 5-20 (LO. 2) Valentino is a patient in a nursing home for 45 days...
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Accounting
Exercise 5-20 (LO. 2)
Valentino is a patient in a nursing home for 45 days of 2020. While in the nursing home, he incurs total costs of $13,500. Medicare pays $8,000 of the costs. Valentino receives $15,000 from his long-term care insurance policy, which pays while he is in the facility. Assume that the Federal daily excludible amount for Valentino is $380.
Of the $15,000, what amount may Valentino exclude from his gross income?
**Answer is NOT 7,700 or 7,300 or 8,200
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