AllBodySurgery.com
Has anyone deducted Weight Loss Surgery on taxes?
If you finance the surgery through a bank, can you still get the tax deduction? And how do you do it? Do I save receipts, and get an accountant? I have no insurance and my life depends on this surgery, and with the government allowing WLS as a tax deduction over 7.5% of annual income, it seems like my only feasible option. Any insight into this is appreciated.
Public Comments
- If your doctor told you it was medically necessary, then you deduct it under "medical expenses" on your Schedule A. The fact that you financed it doesn't enter into the equation. And yes, it is limited but 7.5% of your income.
- If your doctor says the surgery is medically necessary, then it (and associated fees) are deductible. If you finance it through a bank or "care credit" (a specialized credit card only usable for medical expenses), it's deductible as charged to the bank or credit card. If the doctor finances your payments, they're only deductible as paid. The total medical expenses (including direct expenses, lodging (in some cases), auto travel and about 21 cents per mile) over 7.5% of your AGI are an itemized deduction. If your total itemized deduction exceeds the standard deduction, they will help reduce your taxes. Note that if your taxable income goes to 0, most additional deductions are just lost. Some can be carried over to a future year, but medical deductions do not fall in that category.
