Tax Time

farmerjo

Stupid question: Are we able to claim/write-off cancer expenses at tax time?

vlnrph

I am not an accountant but do happen to know that medical expenses, including acupuncture treatments & mileage/travel costs, are deductible if you itemize but have to be over a certain percent of income - copied this from the IRS website:

Most people who itemize their deductions can claim deductions for unreimbursed medical expenses, those which are not covered by health insurance, that exceed 10 percent of their adjusted gross income. Previously, the law permitted deductions for unreimbursed expenses in excess of 7.5% of their adjusted gross income.

Temporary exemption for taxpayers age 65 and older

There is a temporary exemption for individuals age 65 and older until Dec. 31, 2016. If you are 65 years or older, you may continue to deduct total medical expenses that exceed 7.5% of your adjusted gross income through 2016. If you are married and only one of you is age 65 or older, you may still deduct total medical expenses that exceed 7.5% of your adjusted gross income.

farmerjo

Thank you so much for that information!