And when he wasnât making music, he was picking up beautiful women or awards including Grammys and even an Oscar. But for Prince all the dizzying success meant little. As he searched for purpose to his life he became friends with one of his heroes â former Sly and the Family Stone bassist Larry Graham, now 63.
Medical Expense Deduction. You can deduct medical mileage as part of your overall medical expense deduction. The IRS limits the medical deduction to the amount of medical expenses in excess of 7.5 percent of your Adjusted Gross Income.ther Considerations. Instead of figuring your mileage deduction, you may deduct the actual costs you incurred in traveling to and from your medical appointments. You can deduct the cost of gas and oil for the trips you made.
How Much of the Expenses Can You Deduct? You can deduct on Schedule A (Form 1040) only the amount of your medical and dental ex-penses that is more than 7.5% of your AGI (Form 1040, line 38).In this chapter, the term â7.5% limitâ is used to refer to 7.5% of your AGI. The phrase âsub-ject to the 7.5% limitâ is also used. This phrase means that you must subtract 7.5% (.075) of your AGI from your medical expenses to figure your medical expense deduction.Example. Your AGI is $40,000, 7.5% of which is $3,000. You paid medical expenses of $2,500.