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Tax Deductible Medical Expenses

Medical Expenses are any cost incurred in the prevention or treatment of injury or disease. This includes health and dental insurance premiums, doctor and hospital visits, co-pays, prescription and over-the-counter drugs, glasses and contacts, crutches and wheelchairs, just to name a few. Below are some of the most commonly asked questions about medical expenses are answered by the Experts.

If a person’s elderly parent needs to be moved, can the moving expenses be deducted on any part of their taxes?

In most cases it would be important to evaluate each situation individually in order to find out whether the expenses go along with the guidelines of the tax benefit provision. However, since transportation costs are already listed as deductible, if the person can prove that leaving their parent alone and that home nursing where she was living was not an option, then the move could be deducted as a medical expense.

Are medical expenses for a pet tax deductible?

Typically the Internal Revenue Service (IRS) will not allow deductions of any kind for family pets. However, there would be exceptions if a person breeds the animals or uses them in an income producing capacity. Also, special needs animals, such as seeing-eye-dogs should be eligible for a medical deduction.

Could a person deduct medical expenses that they pay for their child, which lives in a resident group home, and is currently receiving Social Security Disability payments?

In most cases, in order to deduct medical expenses, the child must either be a dependent, or a person that would be their dependent except for the fact that they make more than the exemption amount of $3,650, not counting Social Security Disability payments. Therefore, if the person’s child does not live with them, in order for the child to be a dependent the parent would need to pay more than ½ of the cost of the child’s support.

Could a person claim their child’s medical expenses and insurance, (that was paid for out of their pocket), on their taxes?

Most generally, if the child is a dependent the parent may claim any medical expenses on their Schedule A, and also should be able to deduct any amounts out of pocket that they were not reimbursed by the insurance company and health insurance premiums.

When medical expenses are incurred in 2010, but weren’t paid until 2011, would they be claimed on the 2010 or 2011 tax return?

Typically, the instructions for Schedule A would advise that a person could claim the expenses either when they incurred or when they paid them. Therefore, the individual could pick whichever year they prefer in a case such as this one.

Medical expenses can be a huge burden on an individual or family, and can lead to financial distress and even bankruptcy. Insurance can help, but group health insurance coverage is seldom deductable on a person’s taxes, those who itemize their deductions are generally eligible to claim any medical expenses on Schedule A. However, only those expenses that exceed 7.5% of the taxpayer’s adjusted gross income can be deducted. The subject of medical expenses can bring up many questions, and who better to address these questions than the Experts.
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