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My wife is ill and having to go to the doctor regulary this whole year. my question what can i deduct from my expenses for my

Houston, TX |
Filed under: Tax return Tax law

tax return next year. ex: parking fees at hospital, gas to drive over there, food we eat there, medicaions ,copays, extra stuff i have to buy because of her condition. thanks in advance

Attorney Answers 4

Posted

I agree with Mr. Perez's comments. You can deduct your parking fees, vehicle mileage to and from hospital or to visit other doctor's offices, prescription medications, and copays. Meals are considered personal expenses and are not deductible. Extra stuff that may be deductible are necessary medical appliances, such as crutches, wheelchair, installation of a wheelchair ramp or grab bars at your home, and other necessary items. You can download IRS Pub 502 at irs.gov, which includes additional explanation.
However, only the amount of medical expenses in excess of 7% of your adjusted gross income is deductible as an itemized deducton.

This information is provided for educational purposes only, and is not to be relied upon as legal advice. You should consult with an attorney with full disclosure of all facts and opportunity to consider all or alternative options.

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Posted

thanks for the comment very helpful. one question. if i make 40,000 this year and have out of pocket expenses of about 5,000. how much of it can i claim. or what is the form of getting the correct amount. thank again

Everett R. Buck

Everett R. Buck

Posted

If your adjusted gross income is $40,000, then the itemized medical expenses is excess of $3000 (7.5% of agi), or $2000, would be deductible. AGI is shown on the bottom line of page 1 of your Form 1040 individual income tax return. If your income this year is similar to last year, you could look at last year to get an estimate for what your AGI may be this year.

Posted

You can deduct your copayments, mileage to and from your house to the treatment location(s), parking, lodging (if required), and prescription medications, among other things. Personal meals would not be deductible.
A complete list of medical deductions is listed in IRS Publicatiion 502 (Medical and Dental Expenses).

One thing to keep in mind is that you will only be able to deduct medical expenses to the extent that they exceed 7.5% of your income. For example, if your adjusted gross income was $50,000, and you had $10,000 in out-of-pocket medical expenses, you would only be able to deduct $6,250.

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thank you mr perez very helpful

Posted

First, you should not prepare your own return for this year. There are complex rules that apply, e.g., the limit onf miscellaneous itemized expenses. Hire a competent CPA.

Second, in Google type "IRS Publication 502." This contains all the rules on medical expenses.

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Posted

thats awesome thank you sir

Posted

I am going to have to agree with Attorney Givner. Spend some money this year and have a CPA do it. It is very easy to end up in an audit once they see no paid preparer and medical deductions. And that is whether you are right or wrong on the deductions.

Christopher Larson

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