IRS Publication 502: Medical And Dental Expenses

Dictionary Says

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 Says

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."

comments powered by Disqus
Hot Definitions
  1. Valuation

    The process of determining the current worth of an asset or company. There are many techniques that can be used to determine value, some are subjective and others are objective.
  2. Tech Street

    A term used in the financial markets and the press to refer to the technology sector. Companies like Intel, Microsoft, Apple and Dell are all considered to be part of Tech Street.
  3. Tech Street

    A term used in the financial markets and the press to refer to the technology sector. Companies like Intel, Microsoft, Apple and Dell are all considered to be part of Tech Street.
  4. Momentum Investing

    An investment strategy that aims to capitalize on the continuance of existing trends in the market. The momentum investor believes that large increases in the price of a security will be followed by additional gains and vice versa for declining values.
  5. Momentum Investing

    An investment strategy that aims to capitalize on the continuance of existing trends in the market. The momentum investor believes that large increases in the price of a security will be followed by additional gains and vice versa for declining values.
  6. IPO ETF

    An exchange-traded fund that focuses on stocks that have recently held an initial public offering (IPO). The underlying indexes tracked by IPO ETFs vary from one fund manager to another, but index IPO ETFs are usually passively managed and contain equities that have recently been offered to the public.
Trading Center