Rich Uncle is getting on in years and no longer can safely navigate the stairs in his
Fantastic news! We've Found the answer you've been seeking!
Question:
Rich Uncle is getting on in years and no longer can safely navigate the stairs in his beautiful three-story (plus basement) mansion. So, following his doctor's advice, he pays $250,000 to have a four-story elevator installed.
Immediately prior to installation of the elevator the mansion's FMV was $7.5M. With the new elevator the mansion's FMV is $7.75M. Ignoring the %-of-AGI floor.
What is the amount of Rich Uncle's medical expense deduction, if any, on account of the installation? Why is that the correct amount?
Related Book For
Microeconomics An Intuitive Approach with Calculus
ISBN: 978-0538453257
1st edition
Authors: Thomas Nechyba
Posted Date: