Acct 308 Chap8 lesson

Acct 308 Chap8 lesson - CCH Federal Taxation Comprehensive...

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CCH Federal Taxation Comprehensive Topics Chapter 8 Deductions: Itemized Deductions ©2005, CCH INCORPORATED 4025 W. Peterson Ave. Chicago, IL 60646-6085 800 248 3248 http://tax.cchgroup.com
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CCH Federal Taxation Comprehensive Topics 2 of 23 Medical Expenses Deductible medical expenses include medical care, medical transportation and lodging, and health insurance premiums. Chapter 8, Exhibit 1
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CCH Federal Taxation Comprehensive Topics 3 of 23 Medical Care The diagnosis, cure, mitigation, treatment, or prevention of disease, or To affect any structure or function of the body Chapter 8, Exhibit 2a
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CCH Federal Taxation Comprehensive Topics 4 of 23 Inpatient hospital care . Includes meals and lodging. Meals consumed by patients during hospital stays are not subject to the 50% exclusion. Medicines and drugs . All require a prescription. Medical Care Chapter 8, Exhibit 2b
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CCH Federal Taxation Comprehensive Topics 5 of 23 Capital expenditures—general . Capital expenditures may qualify for an immediate medical deduction (subject to the 7.5% floor) if prescribed by a physician to alleviate a physical or mental defect or illness. Examples: Seeing Eye dogs Wheelchairs Eyeglasses Medical Care Chapter 8, Exhibit 2c
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CCH Federal Taxation Comprehensive Topics 6 of 23 Capital expenditures—home improvements . Qualified expenditures for home improvements and additions may be deductible to the extent that their costs exceed any increase in the fair market value of the existing structure. Examples:
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Acct 308 Chap8 lesson - CCH Federal Taxation Comprehensive...

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