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Deductions and Losses:Certain Itemized Deductions - Essay Example
Finance & Accounting
Pages 3 (753 words)
Deductions and Losses: Certain Itemized Deductions Institution Affiliation Deductions and Losses: Certain Itemized Deductions Medical expenditures, mortgage and investment interest as well as benevolent contributions are normally considered as itemized subtractions…
However, medical expenses like maternity clothing and funeral expenses are normally considered non-deductibles. It is also important to recognize that charges for nursing care are also incorporated in deductible medical expenditures. Additionally, in case of any capital enhancement that unswervingly relates to health care, for example, costs sustained to facilitate self-reliance of a handicapped person is considered a deductible cost. Mostly, these extra costs are deducted to the degree to which the costs sustained surpass the raise in worth of the property. In certain situations, like divorces, individuals may aver costs sustained in medical care. Consequently, in relation to transportation to access medical care, the expenses that one sustains are also considered as deductible with regard to medical deductions. These charges are normally made in consideration to 7.5% of an individual’s AGI. The total amount is normally arrived at by determining the total cost using a charge of 19 cents per mileage. Besides, some charges have been considered as deductible in instances where individuals lodge in the health centres. However, these expenses are calculated at a maximum of 50% a night. Nonetheless, there are no deductions for the food except for rare cases where the food provided is an element of the Medicare being provided. ...
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