Submitted By: Sibbie
Answered: February 6, 2012 12:00 pm

Can I deduct my Medicare Part B premiums that are deducted from my Social Security benefits?

Yes. If you itemize your medical expenses, you can add Medicare Part B and Part D premiums along with other qualified medical expenses.

Tax Glossary

Appreciation in value

Increase in value of property due to market conditions. When you sell appreciated property, you pay tax on the appreciation since the date of purchase. When you donate appreciated property held long term, you may generally deduct the appreciated value.

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