Tax Tip #250

Today’s tax quiz: Which of the following is an allowable medical deduction for tax purposes:

A) Owning a service animal, such as a guide dog

B) Installing an elevator in a home for a person with mobility issues

C) Building a swimming pool for a person who suffers from arthritis

D) Hiring a specialized tutor to treat a child with dyslexia

E) All the above

F) None of the above

The correct answer is E. However, this does NOT imply that every taxpayer will receive a tax benefit. The Internal Revenue Code is complex and while taxpayers were able to receive a tax benefit for options A through D above, that does not always mean that every taxpayer will. 

Think you have a situation that might qualify for a tax deduction? Reach out to a team member for assistance.