IRS Publication 502: Medical And Dental Expenses

AAA

DEFINITION of 'IRS Publication 502: Medical And Dental Expenses'

A document published by the Internal Revenue Service detailing the deductions permitted for medical expenses. Medical and dental expenses are itemized deductions, and IRS Publication 502 indicates what type of expenses can and cannot be included, how to take into account money received from a personal injury, how to account for medical devices that are sold, and how to report any medical deductions on the tax return itself.

INVESTOPEDIA EXPLAINS 'IRS Publication 502: Medical And Dental Expenses'

Taxpayers can deduct only medical expenses that are more than 7.5% of their adjusted gross income. If the total is less than that, then the taxpayer won't be able to claim the expenses.


While the IRS document does outline some of the most common medical expenses claimed by taxpayers, a number of conditions are not mentioned specifically. Taxpayers should refer to the IRS definition of a medical expense: "the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatment affecting any part of function of the body."

RELATED TERMS
  1. Expense

    1. The economic costs that a business incurs through its operations ...
  2. Income Tax

    A tax that governments impose on financial income generated by ...
  3. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
  4. Tax Return

    1. The tax form or forms used to file income taxes with the Internal ...
  5. Itemized Deduction

    A deduction from a taxpayer's taxable adjusted gross income that ...
  6. Working Tax Credit (WTC)

    A tax credit offered to low-income individuals working in the ...
Related Articles
  1. 10 Steps To Tax Preparation
    Taxes

    10 Steps To Tax Preparation

  2. Tax Tips For The Individual Investor
    Retirement

    Tax Tips For The Individual Investor

  3. How To Appeal Your IRS Audit
    Taxes

    How To Appeal Your IRS Audit

  4. Surviving The IRS Audit
    Taxes

    Surviving The IRS Audit

comments powered by Disqus
Hot Definitions
  1. Ghosting

    An illegal practice whereby two or more market makers collectively attempt to influence and change the price of a stock. ...
  2. Elasticity

    A measure of a variable's sensitivity to a change in another variable. In economics, elasticity refers the degree to which ...
  3. Tangible Common Equity - TCE

    A measure of a company's capital, which is used to evaluate a financial institution's ability to deal with potential losses. ...
  4. Yield To Maturity (YTM)

    The rate of return anticipated on a bond if held until the maturity date. YTM is considered a long-term bond yield expressed ...
  5. Net Present Value Of Growth Opportunities - NPVGO

    A calculation of the net present value of all future cash flows involved with an additional acquisition, or potential acquisition. ...
  6. Gresham's Law

    A monetary principle stating that "bad money drives out good." In currency valuation, Gresham's Law states that if a new ...
Trading Center