Tax deductions

In my quest to discover if WLS is deductable if performed in Mexico, I have discovered the following; Acording to IRS publication 502, you may deduct; the physicians the hospital lodging not to exceed $50 a night medications purchased in the U.S. 22 cents a mile travel special nutrition if need is substantiated by your physician You may not deduct gym dues or medications purchased outside of the U.S. This information is from 2005. The amounts may change for 2006.

Wow! You found out more than I knew. Thankfully, I have an accountant! LOL Bridget

Thanks for the info... I've been wondering. I'm going to have to hire an accountant this year for taxes, for sure! Traci

This is all true but there is a but. I grandly took all my receipts to our accountant and she told me that it is all deductible but it must be more than 7% of your income to help any at all. I guess the 7% is what is built into the standard deduction. Cassandra

You are right, Cassandra, about the 7%. For my husband and I, our surgeries, plus mileage, insurance premiums, kid's braces..ect. easily exceeds 7%. This year will be the first year we have ever been able to take medical deductions. If we had thought about it in advance we might have opted for a flexible medical spending acount instead. It will be nice to get money back for a change.