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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 9720
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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If you recieve a MasterCard gift card and you use it for medical

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If you recieve a MasterCard gift card and you use it for medical bills can you add that into your medical totals on your taxes?

Lane :


Lane :

The deduction is irrespective of how you generated the money ... Further gifts are excluded from income (under Title 26 of the US code)

Lane :

So, yes whether this was a gift from parents, income that you have already paid tax on, withdrawal from in IRA, etc., etc. --- All that matters is that you actually spent the money on medical costs

Lane :

($ over which you had control that you decided to spend on medical costs) Make sense?

Customer: So if parent gave us gift cards to help with medical bill then yes we can write it off
Customer: Yes we have receits showing it went to medical
Lane :

The car is just a vehicle, a conduit. .. could have been a check, a credit card, a debit card. You still spent the money on a deductible medical expense. The criteria for the deduction is that you spent the money on a deductible medical expense ... source of the money isnt an issue.

Lane :

sorry for the typo ... The CARD is just a vehicle ....

Customer: Thank u
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