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
Thank you so much. I had no idea. I will get with the tax guy. I have to this year anyway because I have moving expenses that SUPPOSEDLY I can deduct. I will get the rules on that from the tax person. But I want to thank you so much for letting me know this. It might make a nice difference in the bottom line.