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Unformatted text preview: sting $30,000 is installed. The
FMV of the home rises by $5,000. $25,000 may be
deducted as a medical expense.
8 Other Qualifying Medical Expenses
x Prescribed drugs, OTC insulin, and syringes
x Dental expenses
x Cost of psychological and psychiatric services
x Premiums for Part B of Medicare
x Cost of guide animals
x Smoking Cessation Programs (whether or not prescribed)
x Special Schools and Institutions
x Medical Conferences and Seminars 9 Nursing Home Expenses and LongTerm Care Health Insurance
x Nursing home or special care facility expenses for the TP,
Nursing spouse, and dependents are fully deductible only if the
person is chronically ill or is in the facility primarily for
medical x If not fully deductible, the medical care component of the
If long-term care facility cost is deductible if it is separately
stated on the bill
stated x Limited deductions are available for the cost for long-term
Limited care insurance - age and premium paid determine deduction
(lesser of cost or limitation)
(lesser Examples: Under 40 - $320; Over 40 (< 50) - $600; Over 50
(< 60) - $1,190; Over 60 (< 70) - $3,180; and Over 70 $3,980 per person for 2009
10 Medical Travel & Transportation
x The cost of transportation to obtain medical care is
deductible Use of personal auto is deductible at $.24 per mile i...
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This note was uploaded on 06/06/2011 for the course ACE 346 taught by Professor Peter during the Spring '11 term at University of Illinois, Urbana Champaign.
- Spring '11