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Child Medical Costs Tax Deductible

The Internal Revenue Service issued a ruling that allows parents to deduct some of the costs associated with attending medical meetings related to their child's health condition.

According to IRS Revenue Ruling 2000-24, parents will be able to deduct "amounts paid by an individual for expenses of admission and transportation to a medical conference relating to the chronic disease of the individual's dependent."

The ruling means that parents who must often expend a great deal of money to learn about innovative treatment for their children will be able to deduct some of the costs of attending these conferences.

Consult your professional tax advisor for details.