Who did you use?

Just curious if any of you financed your surgeon's fees and if so who did you use? I saw on here where someone said CapVenue. I filled out the app for them and before they even ran my credit they said the interest rate would be 16%. I'm trying to find the best company possible to go through.

We have a home equity line of credit that we are using for financing.  The rate was better than anything other financing option.

Rather than putting everything on the loan at once, I'm using a credit card where I get hotel points to make 3 payments, over 3 months, and each month my husband does a balance transfer.  The surgery, since it will be paid off this year will be used on our taxes (our tax guy confirmed this), plus we get the tax break for the home equity - I think, that part I can't remember.

Hi Lisa,

It's wonderful for you if you can deduct the cost of your plastics under the Medical and Dental Expenses Deduction.  You might want to just double check that you CPA really knows his stuff on the includability of cosmetic surgery in deductible medical expenses.  (See below)  But perhaps he knows of some loophole that works?  I'd love it if you would share his basis with me as I sure could use the deduction.

http://www.irs.gov/publications/p502/ar02.html#en_US_publink 1000179043

Cosmetic Surgery

 

Generally, you cannot include in medical expenses the amount you pay for unnecessary cosmetic surgery. This includes any procedure that is directed at improving the patient's appearance and does not meaningfully promote the proper function of the body or prevent or treat illness or disease. You generally cannot include in medical expenses the amount you pay for procedures such as face lifts, hair transplants, hair removal (electrolysis), and liposuction.

You can include in medical expenses the amount you pay for cosmetic surgery if it is necessary to improve a deformity arising from, or directly related to, a congenital abnormality, a personal injury resulting from an accident or trauma, or a disfiguring disease.

Terri

Thanks Terri.  Before bringing it up to him I did search the IRS site myself and found the same information.  But he says otherwise.  I'll bring it up again when we sit down with him in the Fall.  He's been doing our taxes and investments for years so although he doesn't know the details of my weight loss, he probably suspects the reason for the plastic surgery.

I was surprised when he said it could - but I'll email him or bring it up again in the Fall.

Lisa,

I am a tax accountant and am also studying tax law. I will be deducting mine . 

Here is a link to a discussion several of us had last fall:

http://www.obesityhelp.com/forums/plasticsurgery/4050527/Let ters-for-Taxes/#32889975

Thanks Mendee.  I'll have my hubby send the tax guy the link.  When we told him the amount of the surgery his expression was one of shock and excitement. 

To his benefit, other surgeries I had our out of pocket expenses were minimal and wouldn't have made a difference beyond the standard deduction.

CARE CREDIT they do 12 or 18 months interest free
check them out online
Susan

I would just caution you to try to get information about terms and such before allowing anyone to run your credit.  Too many inquiries may take a toll on your overall rating.

I had an arm lift in November of last year and my CPA deducted it from my  taxes.  I do have a letter from my doctor stating the surgery was required to eliminate rashes and improve my quality of life.  Hope this helps

Thank you all for your responses to who you used. I was definitely thinking about deducting it on my taxes already. I just bought my home in August so I don't think I would qualify for a line of credit already. That is also something that I was wondering. I didn't know how long I would have to be paying on my home before I could do that. Thanks again everyone.