REG: Medical expense deduction

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  • November 23, 2013 at 5:49 pm #181979
    katieeCPA
    Member

    Hey everyone! I’m studying for REG using the Becker 2012 materials, and my book says that the deductible is 7.5% of AGI; however, I think that I saw that 10% was the updated number in 2013. Does anyone know what correct answer is for 2013? I know how to do the calculation, so I’d hate to miss points over an outdated percentage. Thanks so much! 🙂

    BEC: PASSED!
    FAR: PASSED!
    AUD: PASSED!
    REG: PASSED!

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  • November 23, 2013 at 6:13 pm #473761
    Anonymous
    Inactive

    The medical deduction on Schedule A is subject to a 10% floor. That's what's being tested currently. Also, the S179 deduction is limited to $500,000 with phaseouts above $2M. Those are the two major changes between 2012/2013.

    November 23, 2013 at 6:13 pm #473818
    Anonymous
    Inactive

    The medical deduction on Schedule A is subject to a 10% floor. That's what's being tested currently. Also, the S179 deduction is limited to $500,000 with phaseouts above $2M. Those are the two major changes between 2012/2013.

    November 23, 2013 at 7:18 pm #473763
    katieeCPA
    Member

    Thanks so much!

    BEC: PASSED!
    FAR: PASSED!
    AUD: PASSED!
    REG: PASSED!

    November 23, 2013 at 7:18 pm #473820
    katieeCPA
    Member

    Thanks so much!

    BEC: PASSED!
    FAR: PASSED!
    AUD: PASSED!
    REG: PASSED!

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