Taxes and BC expenses

Pure

Does anyone know if our out of pockets expenses for BC are a tax deduction. I have a $5k deductable on my insurance and was wondering if that can be written off at all.

Jane_M

Yes, if you itemize your deductions and your medical expenses are more than 7.5% of your income, you can deduct your out-of-pocket expenses.  For medical expenses, you can claim deductibles, co pays for Drs and prescription costs, the cost of prosthesis, wigs, hats and scarves and mileage.  The mileage rate this year is .24 per mile.  I had to travel 70 miles per day for 33 radiation treatments, so that added up.  This year I had $10,000+ out-of-pocket expenses for my husband, daughter and I.  Of that, $3,000+ was deductible due to that 7.5% thing.  Hope it helps.  PM me if I can help more.

diana50

i started to itemize all my medical expenses...including my self pay of my health insurance premiums once i started to pay for all of this health stuff.  it really makes a difference.

karen1956

Pure...as Jane and Diana wrote, you can deduct medical expenses if you itemize on your taxes (but not anything included with a "cafeteria plan"..where you have money taken out of paycheck before taxes for medical expenses)...The year I was Dx, we were able to have a medical deduction (and a couple other years)...we count insurance premiums, copay, Rx, I counted mileage to all dr. appt....whatever was allowed....2009 should be interesting as my oldest daughter got married and not sure if we can claim here, so our family is done to 4 for taxes....its a good thing my income has also gone down about 30%!!