Discussion:Can TP claim medical expenses?

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Discussion Forum Index --> Basic Tax Questions --> Can TP claim medical expenses?


Discussion Forum Index --> Tax Questions --> Can TP claim medical expenses?

Lalva (talk|edits) said:

19 February 2009
Client borrowed against life insurance policy to pay for a medical procedure. Can he take the medical deduction in Sch A (subject to the 7.5% floor)?

THANK YOU!

Irsfixer (talk|edits) said:

19 February 2009
Yes

Lalva (talk|edits) said:

19 February 2009
Thank you Irsfixer. Can you please tell me the pub number where I can read about that?

DZCPA (talk|edits) said:

19 February 2009
Borrowing money from any source has no bearing if medical expenses can be deducted or not.

RoyDaleOne (talk|edits) said:

19 February 2009
Code Sec. 213

26 CFR 1.213-1: Medical, dental, etc., expenses.

  Credit card; medical expenses. The use of a bank credit card to pay an expense for medical care qualifies as the payment of a medical expense in the year the credit card charge is made regardless of when the bank is repaid. 
 
 

REV. RUL. 78-39

Same thing paying medical bill with borrowed money.

CrowJD (talk|edits) said:

19 February 2009
Query: "life insurance" "Can he take the medical deduction" Answer: Now in a situation like this, don't borrow against your policy unless you figure you have a chance at life. Otherwise, your taking money out of your widders pocket.

Lalva (talk|edits) said:

19 February 2009
Thank you so much!!

I agree with you CrowJD.

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