Ch08 - Chapter 8 Deductions Itemized Deductions 2011 CCH...

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Chapter 8 Deductions: Itemized Deductions ©2011 CCH. All Rights Reserved. 4025 W. Peterson Ave. Chicago, IL 60646-6085 1 800 248 3248 www.CCHGroup.com
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CCH Federal Taxation Basic Principles 2 of 24 1. Medical Expenses 2. Medical Care—Capital Expenditures 3. Medical Transportation and Lodging 4. Medical Care 5. Medical Insurance Premiums 6. Property Taxes 7. Income Taxes 8. Interest 9. Qualified Residence Interest Chapter 8 Exhibits Chapter 8, Exhibit Contents A
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CCH Federal Taxation Basic Principles 3 of 24 10. Other Interest 11. Charitable Contributions 12. Charitable Organizations 13. Charitable Contribution Limitations 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 Exhibits Chapter 8, Exhibit Contents B
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CCH Federal Taxation Basic Principles 4 of 24 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. 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
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CCH Federal Taxation Basic Principles 5 of 24 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 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 Medical Care—Capital Expenditures Chapter 8, Exhibit 2a
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CCH Federal Taxation Basic Principles 6 of 24 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 Dentures Medical Care—Capital Expenditures Chapter 8, Exhibit 2b
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7 of 24 Mileage - If mileage was primarily for and essential to medical care, the taxpayer may choose between the standard mileage allowance of 19 cents, plus parking and tolls, or actual expenditures. Meals - Meals consumed during medical-related transportation are NOT deductible even if the transportation is primarily for and essential to the rendition of medical care. Chapter 8, Exhibit 3a
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This note was uploaded on 01/14/2012 for the course ACCT 101 taught by Professor Smith during the Spring '11 term at UT Arlington.

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Ch08 - Chapter 8 Deductions Itemized Deductions 2011 CCH...

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