The Internal Revenue Service has released a list of inflation-adjusted deduction limits and eligibility limits for 2007.
One section of the list, published as Revenue Procedure 2006-53, gives the new limits on deductibility of long term care insurance premiums.
The limit has increased to $290, from $280, for taxpayers 40 or under; to $550, from $530, for taxpayers over 40 up to 50; to $1,110, from $1,060, for taxpayers over 50 up to 60; to $2,950, from $2,830, for taxpayers over 60 up to 70; and to $3,680, from $3,530, for taxpayers ages 70 and older,
