Question:
HAS ANYONE USED THEIR SURGERY AS A TAX DEDUCTION AND IF SO DID THEY HAVE ANY PROBLEMS
— orangeblossom (posted on January 6, 2004)
January 6, 2004
Did you self pay for your surgery? I think the tax law is you can deduct
any medical expenses over $4000. But that would only be if you paid that
out of pocket. I self paid for my surgery and plan on taking a deduction
off my taxes, I don't know all the details as I don't prepare my own
return, but the attorney who does mine is the one who told me about the
deduction.
— Patricia T.
January 6, 2004
You can only deduct (itemized deductions-form 1040,Schedule A)
the portion of medical expenses (including WLS related expenses, all Dr.
co-pays, prescriptions, glasses, dental costs, etc.) that exceeds 7.5% of
your adjusted gross income (AGI). You can only deduct what you actually
paid during the year, not what was billed. Example - your AGI is $30,000,
7% of $30,000 is $2,250.00. If you have $5,000 in medical expenses that
you paid in 2003 (you'd want to have checks or money orders to prove it in
case you get audited), you could only deduct $2,750 (5000 minus 2100).
Of course, if your total itemized deductions don't exceed your standard
deduction (4750 if single, 9500 if married filing jointly), it doesn't
matter because you would use the standard deduction.
Yes, I'm an accountant -how boring is that :)
You can go to irs.gov and search under forms/instructions and look up the
rules for what medical expenses can be deducted.
Good Luck
— Carolyn M.
January 6, 2004
Hi Dorothy,
Yes, I'm a self-pay patient - went to Spain for my surgery, and did claim
my surgical expenses for my taxes. You can claim all of your travel (air,
taxi, train, etc), $50 per night for patient and 1 support person for
lodging, surgery, surgeon's fees, hospitalization, RXs, labs, etc. You
cannot claim any food, however. Make sure to hire a good tax person - it
makes all the difference.
Blessings,
dina
— Dina McBride
January 7, 2004
I was a self-pay patient ($30,000). Since it was greater than 7% of my
income, I did use it as a deduction. I have had not had any problems
(audit, etc.) with IRS or the state. My parents are accountants so they
helped me with it. You might want to call IRS for advice- They have a
toll-free hotline listed in the yellow pages- or an account for help.
— kararuck
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