12/29/2023 0 Comments Tax exemption for medical expenses![]() ![]() Going back to our example, say that you hire a housekeeper to do various chores while caring for your spouse (12 weeks at $1,000/week). Only the part allocable to medical care is deductible as a medical expense. It can even be a family member or a friend!Ĭaveat: If the aide performs other household chores like cooking and cleaning, you must apportion the aide’s wages. 502 (Medical and Dental Expenses) that the aide doesn’t have to be a registered nurse or other professional. The cost of the nursing care, a total of $12,000 ($1,000 x 12 weeks) qualifies for the medical expense deduction for itemizers. So you hire a nursing aide and pay them $1,000 a week. You can’t care for your spouse at home because you have to work. The care can be yourself, your spouse or a dependent who needs assistance due to an injury or illness.Įxample: Suppose your spouse sustains a back injury and can’t work for a three-month stretch. For example, you may count expenses you pay to a caretaker who helps out at your home, or the home of a relative, even if that worker doesn’t have a medical degree. It isn’t limited to doctor and dentist visits, hospital stays and the like. ![]() If you have $7,000 in qualified medical expenses, you get no deduction.įortunately, the list of qualified medical expenses may encompass more than what you think. For example, if you have an annual AGI of $100,000 and incur $8,500 in qualified medical expenses, your deduction is limited to just $1,000. Nevertheless, this deduction threshold remains daunting for most taxpayers. ![]()
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