Paul, suffers from emphysema and severe allergies and, upon the recommendation of his physician, has...
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Accounting
Paul, suffers from emphysema and severe allergies and, upon the recommendation of his physician, has a dust elimination system installed in his personal residence. In connection with the system, Paul incurs and pays the following amounts during 2022:
Doctor and hospital bills
$4,500
Dust elimination system
10,000
Increase in utility bills due to the system
450
Cost of certified appraisal
300
In addition, Paul pays $750 for prescribed medicines.
The system has an estimated useful life of 20 years. The appraisal was to determine the value of Paul's residence with and without the system. The appraisal states that his residence was worth $350,000 before the system was installed and $356,000 after the installation. Paul's AGI for the year was $50,000.
a. What is the total of Paul's qualifying medical expenses for 2022?
b. What is his medical expense deduction for 2022?
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