We may all confront issues that directly impact how much we can deduct. This course is designed for participants who want to explore and examine the tax consequences of medical costs, charitable contributions, and casualty and theft losses, especially in relation to their deductibility. The emphasis is examining a wide variety of situations related to these items and the extent to which they may or may not result in a deduction and what limitations on deductibility may be imposed.
Course Publication Date:
May 14, 2025
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$20.00!
| Author: | Danny Santucci |
| Course No: | TAX-MCC-5295-M |
| Recommended CPE: | 2.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | General understanding of federal income taxation |
| Advanced Preparation: | None |
| Recommended Field of Study: | Taxes
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Learning Objectives
- Identify the deductibility of medical costs by recognizing the percentage limitation, timing of payments, medically-related home improvements, and IRA withdrawals.
- Identify the deductibility of medical costs by specifying the basic characteristics of Health Savings Accounts (HSAs) and the tax consequences of HSA withdrawal and determining deductibility of self-employed health insurance.
- Recognize the charitable contribution provisions and identify how contributions of cash, property, and services affect deductibility of contributions of the different types of charitable contributions.
- Determine what constitutes casualty losses, theft losses, and losses on deposits and recognize the issues related to the deductibility of these losses.