Diagnostic devices such as blood sugar monitors. The expense is not deductible to the extent it increases the value of the home. The main purpose of the improvement must be medical care or treatment of a disease or medical condition. Capital expenditures and improvements for a home are deductible under certain conditions. When paid by credit card, medical expenses are deducted in the year they are charged to the card. Psychotherapy and psychiatric counseling. Medical services not provided by physicians, including those involving non-traditional treatments or healers, including acupuncture, chiropractic, and Christian Science healing practices. Hearing aids and prescription eyeglasses including the cost of examinations and prescriptions.
Dental work that is not purely cosmetic. Non-elective cosmetic surgery is deductible when it promotes proper functioning of the body or prevents or treats an illness or disease. Smoking cessation programs, whether or not prescribed by a doctor, and the cost of prescription drugs to alleviate the symptoms of nicotine withdrawal are deductible.
A weight loss program is deductible when prescribed by a physician to treat a specific illness or ailment, but not when undertaken to improve general health. Here are other medical expenses that are deductible but frequently overlooked by taxpayers. The expense of any treatment or procedure provided by a licensed medical provider is deductible when provided to cure or mitigate a disease or affect a condition of the body. Medical treatment doesn’t have to be provided by an M.D. But you also can take the standard mileage deduction for driving your vehicle to receive medical care locally, as well as the cost of taxis and public transportation. This is especially important if you travel out of town to receive treatment. The cost of travel to receive medical care is deductible. Hearing aids and related costs are deductible. So do dental and vision expenses that aren’t covered by insurance. Of course, your out-of-pocket costs such as co-payments, coinsurance and deductibles for qualified medical care qualify. Premiums for tax-qualified long-term care policies also are deductible up to a limit determined by the IRS each year. People often forget about they paid these premiums, because they’re usually deducted from Social Security benefits. Medical insurance premiums are deductible, including premiums for Medicare Parts B, C and D as well as for Medicare supplement, or Medigap, policies. This ruling also might mean part of the cost of a smart watch qualifies as a deductible medical expense.
That covers more expenses than most people realize.įor example, the IRS recently ruled that part of the cost of genetic-testing or DNA services qualify as a deductible medical expense.
A qualified medical expense is any expense incurred to cure or mitigate a disease or to affect a condition of the body. You may deduct qualified medical expenses paid on behalf of you, your spouse and any dependents. Elective medical treatments can be delayed to a year in which you incur higher-than-usual medical expenses. You also can plan some medical spending to maximize deductions one year.
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