A-z Medical Expenses

Example: an elevator is set up in the taxpayer's home for medical reasons. It costs $6, 000, thus increasing the property value by $4, 000. The taxpayer is allowed the deductibility of $2, 000 ($6, 000-$4, 000) the excess of the expenses of the equipment over the rise in property value.

Increased utilization of and need for medications. From 1999 to 2009, the population increased 9 %, but the amount of prescriptions increased an staggering 39%. For more medical expenses info: read more.

I hope this information was useful to those whom are in question about whether or not your medical expenses can be deducted on your tax return.  However, sometimes it is wiser to employ the standard deduction instead of an itemized deduction. If your medical expenses surpass the standard deduction then it 'd be in your best interest to utilize the higher of the two.

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