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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2995
Experience:  IRS licensed Enrolled Agent and tax instructor
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I am currently getting reimbursed from insurance companies

Customer Question

I am currently getting reimbursed from insurance companies at a much lower rate than I did years ago for the exact procedures. 2010-$210 2015-$67. Can I write off the difference as a loss. I cannot balance bill the patient either?
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

I am assuming you are a physician/doctor. Correct?

Unfortunately you cannot deduct loss of income you never received and you cannot write it off as loss because you didn't lost income that was previously taxed. For example a landlord cannot deduct loss of rent income because tenants didn't pay him or landscaper cannot deduct loss of income because unusually hot summer. You can only claim loss of income that had been already taxes or included in your taxable income. If you can bill the patients depends on you insurance contract.

Expert:  emc011075 replied 1 year ago.

Any questions?

Expert:  emc011075 replied 1 year ago.

Is there anything else I can help you with today? I wish I had a better news for you, unfortunately IRS doesn't allow deduction for something that was never taxed.

I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.