This paper concentrates on the primary theme of Phillip developed hip problems and was unable to climb the stairs to reach his second-floor bedroom. His physician advised him to add a first-floor bedroom to his home. in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 79. For more details and full access to the paper, please refer to the site.
The Deduction of Medical Expenses
Phillip developed hip problems and was unable to climb the stairs to reach his second-floor bedroom. His physician advised him to add a first-floor bedroom to his home. The cost of constructing the room was $32,000. The increase in the value of the residence as a result of the room addition was determined to be $17,000. In addition, Phillip paid the contractor $5,500 to construct an entrance ramp to his home and $8,500 to widen the hallways to accommodate his wheelchair. Phillip`s AGI for the year was $100,000. How much of these expenditures can Phillip deduct as a medical expense?
$14,000.
$15,000.
$21,500.
$29,000.
None of the above.
Is it 21,500 or 29,000? I know the 7.5 % floor exists, but is that true for this case?