The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  https://boards.fool.com/are-there-any-thresholds-to-cross-in-this-19447356.aspx

Subject:  Re: Medical Deduction for Bath to Shower? Date:  8/12/2003  1:24 PM
Author:  pmarti Number:  66466 of 133538

Are there any thresholds to cross in this process? IE: does the 7.5% exclusion apply here? Would it really be worth the effort for most people?

Deductible capital medical expenses are treated the same as other medical expenses. The total of all medical expenses is reduced by 7.5% of AGI, the balance increasing itemized deductions.

Especially among older people, it's not hard to have medical expenses in excess of 7.5% of AGI.

Phil
Copyright 1996-2022 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us