Are we able to deduct all medical expenses throughout the year that we spent? I did not know that and never did this before. So we can deduct the out of pocket expenses on office visits and prescriptions? If so this is new to me but pleasantly glad to know about it.
Apparently, at least up until 2011, you could deduct out-of-pocket medical expenses that exceeded 7.5% of your gross income.
These deductible items included mileage to and from doctor appointments; prescription medication costs; health care insurance premiums that were paid by you out-of-pocket; medical devices that were prescribed and purchased in whole or in part by you. There may have been more, but those are the one’s I track.....at least now.
Medical expenses, mortgage interest and property taxes are virtually the most prominent deductions available to the middle class. This administration would love to do away with all of them.
If you have the documentation, it might be worth asking your tax consultant if the medical deductions can be tallied and claimed retroactively.
EODGUY