Tax Tips: Deductible medical expenses
Mar 5th 2008 3:00PM
Updated Mar 5th 2008 6:39PM
What medical expenses are deductible? Typically the normal medical expenses we all think of are deductible: doctor visits, hospital stays, dentist visits, prescriptions, normal medical procedures, ambulance services, physical therapy, eyeglasses, and the like.
What's not deductible? More unusual items, such as elective cosmetic surgery, illegal drugs, dancing lessons, hair removal, hair transplants, and health club dues.
The IRS has a lengthy list of items that it specifically defines as deductible and not deductible in Publication 502.
Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.