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Medical Charitable and Casualty Deductions Mini-CourseCode: 22-MCC2
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Course description and objectives:
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.
After reading the chapter, participants will be able to:
1. Identify the various deductions related to medical costs by
a. Differentiating between deductible and nondeductible items and distinguishing between the types of deductions for dependents; and
b. Describing the basic characteristics of Health Savings Accounts (HSAs) pointing out the tax consequences of withdrawals from HSAs and explaining health insurance for the self-employed.
2. Outline charitable contribution provisions, identify how contributions of cash, property, and services affect deductibility of contributions of the different types of charitable contributions, and list the various requirements related to substantiation.
3. Differentiate between casualty losses, theft losses, and losses on deposits and discuss the issues related to the deductibility of these losses.
Presentation Method: Self-Study
CPE credit: 2 Hours
Program Level: Update
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase