The system has an estimated useful life of 20 years the

Reference no: EM13566376

Paul, age 62, 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 the system, Paul incurs and pays the following amounts in 2013:

Doctor and hospital bills	$2,500
Dust elimination system	10,000
Increase in utility bills due to the system	450
Cost of certified appraisal	300

In addition, Paul pays $750 for prescribed medicines.

The system has an estimated useful life of 20 years. The appraisal was to determine the value of Paul's residence with and without the system. The appraisal states that his residence was worth $350,000 before the system was installed and $356,000 after the installation. Paul's AGI for the year was $50,000.

A.What is the total of his medical expenses for 2013?

B.What is his medical expense deduction for 2013?

Reference no: EM13566376

Questions Cloud

Its peer group also has an roe of 231 percent but has : carter inc. a manufacturer of electrical supplies has an roe of 23.1 percent a profit margin of 4.9 percent and a total

Discuss the potential causes of and financial implications : discuss the potential causes of and financial implications of the relationship of short- and long-term interest rate

Larned corporation recorded the following transactions for : larned corporation recorded the following transactions for the just completed month. a. 71500 in raw materials were

Grossman enterprises has an equity multiplier of 26 times : grossman enterprises has an equity multiplier of 2.6 times total assets of 2312000 an roe of 14.8 percent and a total

The system has an estimated useful life of 20 years the : paul age 62 suffers from emphysema and severe allergies and upon the recommendation of his physician has a dust

The benefit received by the nursing home from the sales tax : a not-for profit nursing home has total expenses of 50 million. sales tax in the state is 7. expenses are broken down

Cost of goods sold holliman corp has current liabilities : cost of goods sold holliman corp. has current liabilities of 410000 a quick ratio of 1.8 inventory turnover of 4.2 and

In 2004 roland who is single purchased a personal residence : in 2004 roland who is single purchased a personal residence for 340000 and took out a mortgage of 200000 on the

Days sales in receivables a company has net income of : days sales in receivables a company has net income of 195000 a profit margin of 9.40 percent and an accounts receivable

User Account

All Pages