Federal Income Tax Medical Expense Deductions for 2012
We are here to discuss claiming medical expense deductions. A staggeringly large amount of people in the united states have significant amounts of medical expenses, it is a seemingly rare individual who does not live with some attribute that requires regular medical attention, even as minimal as braces or eye care.
The rules are explicitly laid out however, for what will qualify you to claim federal income tax medical expense deductions. Those rules state that you are only allowed to deduct those medical expenses which exceed 7.5% of your AGI for the year. (adjusted gross income).
So what is a qualifying medical expense? This includes the cost of:
- Equipment, supplies, and diagnostic devices needed for these purposes
- Premiums you pay for insurance that covers the expenses of medical care
- Transportation to get medical care
- Amounts paid for qualified long-term care services
- Treatment Prevention
- Legal medical services rendered by physicians, surgeons, dentists, and other medical practitioners
Items that are generally beneficial to good health like vitamins or vacation do not count. Medical marijuana is obviously not a factor in IRS friendly tax breaks. Another subject, the U.S. tax court held that hormone therapy and reassignment surgery are not cosmetic and a taxpayer is now allowed to deduct those costs.
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