Ch_8_Questions - Income Tax I Name _Christian Yimgnia_...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Income Tax I Name ____Christian Yimgnia________ Chapter 8 Questions Explain and/or discuss the following based on reading the chapter and viewing the power points. Be thorough with your answers. You may take all the space you need. 1. Explain how home improvements may qualify for a medical expense deduction. Give an example. Home improvements that are constructed mainly for the medical care of an individual generally qualify for a medical expense deduction only to the extent that eh cost of the improvement or addition exceeds any increase in the value of the affected property that is due to the improvement. The entire cost of additions or improvement that do not increase the value of the home is deductible as a medical expense. For example if Joe has a lung disease and is advised by a doctor to change his air conditioning and heating system, so he would have clean air in the house, the costs of installing the air systems would be deductible as a medical expense and also if the value of the house is not increased by the addition. 2. Explain the rules for deducting transportation and lodging expenses as a medical deduction. Transportation and lodging expenses incurred in order to obtain medical care are deductible. No medical deduction would be allowed for lodging and transportation expenses if there is any significant element of personal pleasure, recreation, or vacation in the travel away from home. The tax law states the deduction for transportation expenses incurs a standard mileage rate of $.19 per mile. And the deduction of lodging expenses is limited to $50 per night. Meal expenses are usually not deductible. 3.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

Ch_8_Questions - Income Tax I Name _Christian Yimgnia_...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online