Episode Details

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • Medical expenses are only deductible to the extent they exceed 7.5% of your Adjusted Gross Income (AGI). • Qualified expenses include insurance premiums paid with after-tax dollars, long-term care premiums up to age-based limits, and medical mileage. • A capital expenditure for medical care is only deductible for the amount exceeding the increase in the home's value. • Non-deductible items are common exam traps, including elective cosmetic surgery, gym memberships, and over-the-counter medicines without a prescription. • You cannot deduct expenses that have been reimbursed by insurance or paid with pre-tax dollars, such as through an employer-sponsored plan. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep