Health Care
The most frequently asked tax questions related to Health Care
For Tax Payers
Need professional help with a specific tax issue or have general tax questions? Ask a CPA is the easiest way to get advice from a licensed accountant in our network.
Ask a Tax QuestionFor Accountants
Provide answers to tax questions and introduce your practice to new potential clients. Build your CPAdirectory profile and earn reputation points.
Answer Tax QuestionsWhat is the Federal Government's Flood Insurance phone number ?
Asked Thursday, October 12, 2000 by an anonymous user
Contact FEMA at: - Disaster Assistance- Telephone: 1 (800) 621-FEMA (3362)- TDD: 1 (800) 462-7585- Fax: 1 (800) 827-8112
Is the insurance reimbursement for excess living costs when the fire made me vacate my house taxable?
Asked Thursday, October 12, 2000 by an anonymous user
The reimbursement is generally tax- free if you are paid under an insurance policy for living expenses resulting from the loss of occupancy or for a loss of use of your residence when your principal residence is destroyed or damaged by fire, storm or other casualty. Speak to your local CPA about the taxability of your reimbursement.
If I did not file an Insurance claim, can I still claim a deduction on my tax return?
Asked Thursday, October 12, 2000 by an anonymous user
If you are insured for the full loss you incurred, but you do not file a claim, you cannot claim a deduction on your tax return.
Is my doctor's malpractice insurance deductible ?
Asked Thursday, October 12, 2000 by an anonymous user
A doctor who is not self-employed, but works for a hospital, may deduct premium costs as an Itemized deduction on IRS Schedule A. A self-employed doctor may deduct the premium costs of malpractice insurance as a business deduction.
Doctor's malpractice insurance
Asked Thursday, October 12, 2000 by an anonymous user
A doctor who is not self-employed, but works for a hospital, may deduct premium costs as an Itemized deduction on IRS Schedule A.
A self-employed doctor may deduct the premium costs of malpractice insurance as a business deduction.
A self-employed doctor may deduct the premium costs of malpractice insurance as a business deduction.
Is the exchange of one life insurance policy for another one taxable?
Asked Thursday, October 12, 2000 by an anonymous user
The exchange of one life insurance policy for another one is considered a tax-free exchange. Also, an exchange of an annuity contract for another annuity contract with identical recipients is a tax-free exchange. An endowment policy for another endowment policy that provides for regular payments beginning no later than the date payements would have started under the old policy is considered a tax-free exchange.
Is the $200,000 I received as the beneficiary of my mother's life insurance policy taxable to me?
Asked Tuesday, October 03, 2000 by an anonymous user
Life insurance payments you received are not reportable or subject to income tax.
Laser eye surgery
Asked Tuesday, October 03, 2000 by an anonymous user
Eye surgery performed to improve vision qualifies as a medical expense because it alleviates defective eyesight and is not considered cosmetic surgery.
It is reportable on IRS Schedule A as a medical itemized deduction subject to your 10% / 7.5% AGI limitation.
It is reportable on IRS Schedule A as a medical itemized deduction subject to your 10% / 7.5% AGI limitation.
Why do I have to pay Worker's Compensation for independent contractors ?
Asked Saturday, September 30, 2000 by an anonymous user
You only have to pay Worker's Compensation for independent contractors who do not have their own coverage of Workers Compensation insurance. They should provide a certificate of insurance to the "employer" to show evidence of their own coverage. Workers Compensation laws vary from state to state, but generally speaking these laws protect the employer as well as the worker. Anyone injured on the job will be covered and the employer is generally protected from lawsuits arising from injury on the job by an employee.
