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Submitted By: Bill
Answered: March 11, 2016 12:28 pm
Answered: March 11, 2016 12:28 pm
Can I deduct my mileage for driving to a pharmacy to pick up my monthly prescriptions?
Yes, if you have a record of your driving. The rate for driving for medical purposes is 23 cents per mile in 2015 and 19 cents per mile in 2016.
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Tax Glossary
Capital loss carryover
A capital loss that is not deductible because it exceeds the annual $3,000 capital loss ceiling. A carryover loss may be deducted from capital gains of later years plus up to $3,000 of ordinary income.
