Medical Expenses

 Will I be able to deduct my medical expenses?

These expenses, which include prescription drugs, health, dental and long-term care insurance premiums, dental care and vision care, are deductible only if you file the Schedule A - Itemized Deductions. The total of all of these expenses must exceed 7.5% of your adjusted gross income before any tax benefit is realized.

Are nursing home expenses deductible?

Nursing home expenses are allowable as medical expenses in certain instances. If you, your spouse, or your dependent is in a nursing home, and the primary reason for being there is for medical care, the entire cost, including meals and lodging, is a medical expense. If the individual is in the home mainly for personal reasons, then only the cost of the actual medical care is a medical expense, and the cost of the meals and lodging is not deductible.