Medical expense deduction in the current year

Assignment Help Accounting Basics
Reference no: EM13259309

Roberto suffers from emphysema and severe allergies and, upon the recommendation of his physician, has a dust elimination system installed in his personal residence. In connection with system, Roberto incurs and pays the following amounts during the current year:

Doctor and hospital bills $1,600

Dust elimination system 8,800

Increase in utility bills due to they system350

Cost of certified appraisal 220

Prescribed medicines 750

The system has an estimated useful life of 15years. The appraisal was to determine the value of Roberto's residence with and without the system. The appraisal states that his residence was worth $125,000 before the system was installed and $127,500 after the installation. Roberto's AGI for theyear was $50,000. How much qualifies for the medical expense deduction in the current year.

Reference no: EM13259309

Questions Cloud

Calculate time taken to raise temperature of one litre water : The heater element of an electric kettle has a constant resistance of 100 Ω ohm and the applied voltage is 250 V. Calculate the time taken to raise the temperature of one litre of water from 15°C to 90°C assuming that 85% of the power input
Deduct as an itemized deduction : How much of these premiums may Jean deduct asa deduction for AGI, and how much may she deduct as an itemized deduction (subject to the 7.5% floor)?
How much in the april income statement : How much revenue is recognized on the March income statement from this order? How much in the April Income statement?
Explain ammonium nitrate decomposes into nitrogen : Ammonium nitrate (NH4NO3) decomposes into nitrogen, oxygen, and water. If 12g of ammonium chloride decompose entirely at 300 C with delta H reaction =-236.kJ
Medical expense deduction in the current year : How much qualifies for the medical expense deduction in the current year.
How much will the company pay in separation costs : Chester Corp. is downsizing the size of their workforce by 10% (to the nearest person) next year from various strategic initiatives. How much will the company pay in separation costs if each worker receives $5,000 when separated?
Determine which of the properties to hold or dont hold : Determine which of these properties hold or don't hold for the following discrete time systems. Justify your answers. IN each example, y(t) denotes the system output and x(t) denotes the system input.
Critical review of literature : You topic should ONLY cover the United Kingdom, please do not write your research journal on topics outside the United Kingdom. The Special Issue title is given below and you need to write a paper that relates to this overall topic.
How to calculate ka for the acid : Caproic acid C5H11COOH is found in small amounts in coconut and palm oils and is used in making artificial flavors. A saturated solution of the acid contains 11 g/L and has a pH of 2.94. Calculate Ka for the acid.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd