Did you pay cash for your WLS in 2005?
I just read a post on the plastics forum re whether plastics were tax deductible or not. It got me to thinking---If any of you paid cash for your WLS surgery, I hope you claimed it on your medical expenses on your 2005 return. It is a medical expense just like any other, and you can claim it. I paid cash for my surgery thanks to a very generous father ($26,500) and he wired the money to my account. I wrote checks for all of the fees. I claimed it on my taxes as a medical expense. (Got $5,000 back!) My tax preparer said I may get audited only because it's such a large number, BUT as long as I have the receipts I'm fine. He said to leave out the part about Dad giving me the money or it being wired or any of that because it's TMI. All they want to see is the receipts.
Don't know if this applies to anyone, but if it does and you didn't, you have money coming!!!
Sharon
Sharon,
This is a great reminder for anyone who has WLS. I claimed almost 25,000 in medical expenses in 2005 (anything over 7.5% of gross income can be filed, so I carefully kept track of all expenses). It helped...I wound up getting the benefit of nearly 6,000 in taxes...these deductions credited the $3000 I would have paid and I got $3000 back.
To make a long story short, it pays to keep receipts and itemize!
Yours in 152 pounds down,
Jen
Another way to help offset medical cost is to use a Flexable Spending Account. Basically, any medical expenses (co-pays, prescriptions medications, etc.) you can pay for tax free (up to $5000 annually). I am using my FSA this year to help cover my Lasik proceedure. Also, MOST years my medical spending is below the %7.5 needed to claim on my taxes, which makes FSA the only way to get tax relief for these expenses (plus, no IRS involvement needed).