IRS Publication 972

IRS Publication 972 is a comprehensive guide to the rules for deducting medical expenses. It covers everything from what expenses are deductible to how to calculate your medical expense deduction.

The publication begins by defining what medical expenses are deductible. Medical expenses are those that are incurred for the diagnosis, treatment, or prevention of a disease or injury. They also include expenses for the care of a sick person.

Not all medical expenses are deductible, however. Only those that are not reimbursed by insurance or other sources are deductible. Additionally, the expenses must be more than 7.5% of your adjusted gross income.

Once you have determined which medical expenses are deductible, you need to calculate your medical expense deduction. To do this, add up all of your medical expenses for the year. Then, subtract any amount that was reimbursed by insurance or other sources. The remaining amount is your medical expense deduction.

If your medical expense deduction is more than 7.5% of your adjusted gross income, you can claim it on your tax return. However, if your medical expense deduction is less than 7.5% of your adjusted gross income, you can carry it over to the next year.

IRS Publication 972 is a valuable resource for anyone who is trying to claim a medical expense deduction. It provides clear and concise information on the rules for deducting medical expenses. If you have any questions about medical expense deductions, I encourage you to read IRS Publication 972.

In addition to providing information on what medical expenses are deductible, IRS Publication 972 also provides information on how to calculate your medical expense deduction. The publication explains that you can only deduct medical expenses that are more than 7.5% of your adjusted gross income. You can also deduct medical expenses that are not reimbursed by insurance or other sources.

The publication also provides a list of common medical expenses that are deductible, such as doctor's visits, hospital bills, prescription drugs, and medical equipment. It also provides a list of common medical expenses that are not deductible, such as cosmetic surgery, dental work, and over-the-counter medications.

If you have any questions about medical expense deductions, I encourage you to read IRS Publication 972. It is a valuable resource that can help you understand the rules for deducting medical expenses and claim the maximum deduction possible.