help me understand the property loss and medical deduction that the gop wants to go away

[dembotoz]

never had a need to file either

so a disaster comes along and you take it in the shorts....hurricane, fire, whatever
you can deduct the amount of your non-reimbursed loss on your taxes....

something similar for medical.....

both i am sure have strings etc....

and the gop tax plan does away with this.....

why anyone in florida or texas or gulf coast in general would support this elimination is quite beyond my comprehension

what am i missing

[WinkyDink]

1. The medical deduction is based on how much of a percentage your costs were of your income. There's

a bit more involved (not much more math!), but that's the gist. My husband and I used that deduction a couple years, what with dental implants, operations, medications, etc.

[dembotoz]

2. i get that, strings attached

seems lots of folks in houston were looking at total lose
so lots of folks would qualify and it could offset some of the crazy amount of money it takes to reestablish your household.

[The Velveteen Ocelot]

3. You can deduct medical expenses in excess of 10% of your adjusted gross income

to the extent those expenses weren't covered by insurance. Qualified medical expenses include preventative care, treatment, surgery, dental and vision care, visits to psychologists and psychiatrists, prescription medications, glasses, contacts, false teeth and hearing aids, and travel expenses. This could be a big kick in the gut to a lot of people, especially those who have high-deductible insurance and people on Medicare.

[Yonnie3]

4. Medical and dental insurance is deductible.

A few years ago this was very important to me. The exclusion was 7.5% for older folks.

[dembotoz]

5. Rather interested in the property side. is it useful

[Uben]

6. When a family member has cancer or another chronic illness

...and a high deductible policy, like me (although I still pay $2000/mo in premiums) the deduction can save from filing bankruptcy. My insurance kicks in at $8000, so I stand to pay as much as $32,000 per year in medical costs before I get any help from the insurance policy. That's what I am paying out this year and next year as well it appears. I would still qualify for the deduction at 10% because my retirement income is around $80K/yr. Medical bills and taxes eat up half my income. On the bright side, my wife becomes eligible for medicare in March. We'll get a supplement policy for around $250/mo for her and I'll be paying the $1k/mo in premiums for another two years before getting medicare relief. But, that'll free up another $750/mo for bills.

For most, that would be bankruptcy just when you are retiring. They have it figured out so they can suck every dime out of you before you die. I could gamble and choose to remain uninsured and save that $24K/yr on premiums, but of course I'd incur the $1500 penalty for being uninsured, but if tragedy strikes, hello poor farm!

That's what you young folks have to look forward to as you get older. Do all you can to get universal healthcare to pass or you'll face the same dilemma as my family.