For those who go to join a gym to lose weight, here’s one Q&A that would be of interest.
FROM THE ARTICLE....
Q: My doctor said that I need to lose weight. Can I deduct my gym membership?
A: In theory, some weight-loss-related expenses are deductible. In practice, deducting them is tough, say tax experts.
You only qualify if you need to lose weight because of a specific, doctor-diagnosed disease, says Gil Charney, principal tax research analyst at the Tax Institute at H&R Block HRB -0.46% .
The only costs that would then qualify as medical expenses would have to be specific to your weight-loss regimen. So a so-called general-use item, such as a gym membership, wouldn’t pass muster, but a specific weight-loss program would, he says.
Again, you can only deduct medical expenses once they exceed 7.5% of your adjusted gross income for 2012.
What if my neighbor gives me a cow in exchange for help building a barn? (You must report the fair market value of that cow as ordinary income.)
Hahaha. That sort of thing happens all the time around the area where I live. Do you seriously think this sort of thing is EVER reported?
How do you think all the people around the rural area I live survive on $10 an hour? Everybody is fixing their buddy’s car for plumbing, or doing plumbing for electrical, or doing electrical for a bunch of beef. People just living their lives, government free.
Yes, when prescribed. Wife's best friend did this a few years back after open-heart surgery left her paralyzed.
There was a case some years ago, where a Man with Prostate Cancer was told by His Doctor to have SEX more frequently, maybe every day, the Doctor even wrote a prescription. The Mans Wife was not up to it, so He went to Nevada and began visiting Brothels regularly. He deducted All expenses as a necessary medical expenses. This went all the way through the Tax Court system and he PREVAILED because he had a Note from his doctor.
I had been taking ACCESS, a shared ride program for the elderly and disabled, to and from medical appointments for several years till I found out those costs are deductible. There are deductions out there that aren’t publicized, which is one if the reasons I’ve been seeing my tax preparer, Bill, every year.
I am having surgery on my left elbow and wrist soon.
I am going to ask the doctor if golf, 3 times a week, could be incorporated into my rehab program.
Zero per cent income tax (individual and corporate)
One per cent national sales tax (to keep the lights on)
Some tarriffs and excises
All other government “income” comes from voluntary contributions