ch 8 powerpoint - Chapter 8 Deductions: Itemized Deductions...

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1 Chapter 8 Deductions: Itemized Deductions ©2011 CCH. Al Rights Reserved. 4025 W. Peterson Ave. Chicago, IL 60646-6085 1 800 248 3248 www.CCHGroup.com 1. Medical Expenses 2. Medical Care—Capital Expenditures 3. Medical Transportation and Lodging 4. Medical Care Chapter 8 Exhibits CCH Federal Taxation Comprehensive Topics 2 of 24 5. Medical Insurance Premiums 6. Property Taxes 7. Income Taxes 8. Interest 9. Qualified Residence Interest Chapter 8, Exhibit Contents A 10. Other Interest 11. Charitable Contributions 12. Charitable Organizations 13. Charitable Contribution Limitations Chapter 8 Exhibits CCH Federal Taxation Comprehensive Topics 3 of 24 14. Charitable Contribution Valuations 15. Personal Casualty and Theft Losses 16. Netting Personal-Use Casualty and Theft Gains and Losses 17. Special Disaster Election 18. Miscellaneous Itemized Deductions Chapter 8, Exhibit Contents B
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2 Medical Expenses Medical expenses in excess of 7.5% of AGI are allowed as an itemized deduction. The deduction is allowed only for medical expenses actually paid during the year. CCH Federal Taxation Comprehensive Topics 4 of 24 Medical expenses must be for medical care of the taxpayer, spouse or a dependent of the taxpayer. A child of divorced parents is treated as the dependent of both parents for purposes of the medical expense deduction. Also, the gross income requirement for the dependency exemption is waived for the purpose of the medical expense deduction. Chapter 8, Exhibit 1 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: Adding wheelchair ramps Medical Care—Capital Expenditures CCH Federal Taxation Comprehensive Topics 5 of 24 Widening doorways to create wheelchair access Adding a swimming pool prescribed by a physician to alleviate some ailment such as partial paralysis Installing an elevator to provide handicap access between floors Chapter 8, Exhibit 2a 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: Medical Care—Capital Expenditures CCH Federal Taxation Comprehensive Topics 6 of 24 Seeing eye dogs Wheelchairs Eyeglasses Dentures Chapter 8, Exhibit 2b
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3 Mileage - If mileage was primarily for and essential to medical care, the taxpayer may choose between the standard mileage allowance of 19 cents, plus Medical Transportation and Lodging CCH Federal Taxation Comprehensive Topics 7 of 24 parking and tolls, or actual expenditures. Meals
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This note was uploaded on 12/02/2011 for the course ACCOUNTING 4001 taught by Professor Nathanielbell during the Spring '11 term at FIU.

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ch 8 powerpoint - Chapter 8 Deductions: Itemized Deductions...

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