Question

how do you calculate travel for medical purposes ?

What is the Deduction for medical expenses at a nursing home ?

What are The rules for deduction of surgical fees?

What are The rules and calculation of mortgage interest?

which deductions are itemized and which are subject to the 2% floor?

Answer 1

1) If you travelled at least 40 km (one way) to get medical services, you can claim the cost of public transportation (ex. bus, train, or taxi fare). If public transportation isn’t available, you may be able to claim vehicle expenses.

If you travelled more than 80 km, you can claim vehicle expenses, accommodation, meals and parking expenses.

And, whether you travelled more than 40km or 80 km, if a medical practitioner has certified that you can’t travel without help, you may also claim the travel expenses you pay for an attendant. If driving to get medical care is necessary, you can claim the cost of fuel, oil, license fees, insurance, maintenance, and repairs, including parts. Depreciation, provincial tax, and finance charges are all eligible

(2) The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent that they, along with other medical expenses, exceed 10% of adjusted gross income (AGI).

(4) If you have a $100,000 mortgage at a 6 percent interest rate and you make payments each month, you would divide 6 percent by 12 months to come up with 0.5 percent. Multiply your $100,000 loan balance by 0.5 percent to come up with your accrued interest for the month, or $500. If you have a similar mortgage but are on a bi-weekly payment schedule, repeat the above calculation using 26 payments instead of 12.

(5) Generally, the following expenses are deducted on Schedule A (Form 1040), line 21, or Schedule A (Form 1040NR), line 7. You can deduct only unreimbursed employee expenses that are: Paid or incurred during your tax year, For carrying on your trade or business of being an employee,