If you itemize deductions instead of claiming the standard deduction, you may be eligible for an itemized medical deduction with respect to treatment for your child’s condition. Depending on the severity of autism, you may want to look into ABLE accounts or special trusts that will help your child financially throughout his or her life without causing the loss of any government benefits to which the child may be eligible.
A statutory term used to figure your profit or loss on a sale or exchange. Generally, it is sales proceeds plus mortgages assumed or taken subject to, less transaction expenses, such as commissions and legal costs.