Medical, Charitable & Casualty Deductions
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 Information
Course No. M380
Format: Online pdf (61 pages). Printed book available.
Instructional Delivery Method: QAS Self-Study
Prerequisites: General understanding of federal income taxation.
Advance Preparation: None
Level: Overview
CPE Credit: 2.5 hrs.
Field of Study: Taxes: Technical
Course expiration: You have one year from date of purchase to complete the course.
Course Revision Date: March 2024
Objectives
Course Topics:
* Deductions for medical costs
* Health Savings Accounts
* Health insurance for the self-employed
* Limitations on charitable contributions
* Contributions of cash
* Contributions of property
* Contributions of services
* Substantiation
* Casualty and theft losses
* Disaster area losses
*Losses on Deposits
Learning Objectives:
After reading the materials, participants will be able to:
1. Identify the various deductions related to medical costs by
a. Recognizing the differences between deductible and nondeductible items including the types of deductions for dependents; and
b. Specifying the basic characteristics of Health Savings Accounts (HSAs) and the tax consequences of withdrawals from HSAs and determining self-employed health insurance.
2. Recognize the charitable contribution provisions, identify how contributions of cash, property, and services affect deductibility of contributions of the different types of charitable contributions, and specify the requirements related to substantiation.
3. Determine what constitutes casualty losses, theft losses, and losses on deposits and recognize the issues related to the deductibility of these losses.
