Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in 2018, robert, an unmarried former volleyball pl

In 2018, Robert, an unmarried former volleyball player single taxpayer with no children , was...

80.2K

Verified Solution

Question

Accounting

image

In 2018, Robert, an unmarried former volleyball player single taxpayer with no children , was severely hurt in a boating accident. Robert is 45 years old. The accident left Robert's legs 85% paralyzed. 1. After incurring $14,000 of medical expenses at the hospital, the doctor recommended that Robert install a pool at his home for therapy. 2. The pool cost $25,000 to install and increased the value of his home by $22,000. 3. He spent $930 maintaining the pool in 2018 and $1,060 in 2019. 4. Robert also purchased a wheelchair on December 28, 2018, for $2,300, which he charged to his Visa credit card. 5. He paid his Visa bill on January 6, 2019. 6. He also purchased a hospital bed for $3,800 but did not pay for the bed until 2019. 7. Robert paid his physical therapist $4,000 for services performed in 2019. 8. Robert paid $1,200 in medical insurance premiums on an after-tax basis in both 2018 and 2019. 9. In 2019, the insurance company reimbursed Robert $9,000 for his hospital stay in 2018. 10. His AGI for 2018 and 2019 is $38,000 and $43,000, respectively, not considering any of the above items. 11. Robert has no other itemized deductions in either year. How does Robert treat the reimbursement in 2019? What is the amount in

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students