Penalty for Gifts is period of Medicaid ineligibility calculated by taking the total value of gifts in prior 5 years and dividing that number by the monthly average cost of nursing home care. 2011 Virginia Average monthly cost of nursing home: $6,654 in Northern Virginia $4,954 elsewhere in state | Any Gifts over IRS Exclusion Reportable Maybe Taxable 2011 IRS Annual gift tax exclusion amount is $13,000 |
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