You (a young person) bought a house in 2004 for $150,000. Sadly, you suffered an injury in 2020. Your doctor prescribes water aerobics as your therapy and prescribes building a pool. You spend $31,000 to build the pool. Because you built the pool your house now appraises for $165,000. Assume all of your other injury related costs were covered by your health insurance, which you pay (after-tax) $4,400 a year for. If your 2020 AGI is $200,000, what is your allowable medical expense deduction?
$20,400
$5,400
$0
$35,400
$400
Solution-
Here, in this problem i suffered an injury and doctor prescribes water aerobics as a physical therapy . So the cost of build the pool partly deductible as medical expense .
Swimming pool expense deduction = [ $31000 - ($165000 - $150000)]
= $16000
Total allowable medical expense deduction = ($16000 + $4400)
= $20400
So, the correct answer is $20400
Ans:- Total allowable medical expense deduction is $20400 .
You (a young person) bought a house in 2004 for $150,000. Sadly, you suffered an injury...
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