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(solution) Case: Last year, Mr. Smith was involved in an automobile


Case:

Last year, Mr. Smith was involved in an automobile accident, severely injuring his legs. As a part of a long-term rehabilitation process, his physician prescribes a daily routine of swimming. Because there is not readily available public facility nearby, Mr. Smith purchases a house with a pool for $175,000. Replacing the pool would cost $20,000. The existing pool increases the fair market value of the house by $8,000. Mr. Smith spends $500 maintaining the pool and $1,800 in other medical expenses. Mr. Smith wants to know the total amount of medical expenses that he may claim in the current year. His AGI is $60,00



Medical expenses are the expenses that are deducted from the AGI (Adjusted Gross Income) and can

 

only be deducted 10% of the AGI cap floor rate. We can only deduct the medical expenses if we...

 


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Sep 13, 2020

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