Tax question for self payers....

apinksoprano · October 31, 2006

I know this may sound silly but I have never done this before so I dont know how it works...Okay, if I am having the surgery in December 2006 (this year) and if I finance the surgery via credit card or some other finance plan can I put it on this years tax returns or do I have to wait until it is paid off...I have no clue how the taxes will work please help thanks....

Justy · October 31, 2006

If you pay for the surgery this year you deduct it this year. It doesn't matter how you finance it.

lisah25 · October 31, 2006

You deduct the surgery this year. And remember to deduct all the your medical expense for the year! I had things like what I pay for health insurance, and meds and all that for the whole year I got to deduct.

Then, if you finance via a home equity loan, you likely can deduct the interest that you pay on it as well.

clarityseeker · November 3, 2006

I would contact your CPA or tax lawyer before you do your taxes. I am not a tax lawyer, but I would question whether you can deduct the full amount this year if you did not pay for it this year. I could be completely wrong, but it's worth a call to someone who gets paid to know the answer.

Just my 2 cents.

Iluvharleys · November 3, 2006

I deducted mine the same year. I paid with a credit card too! You paid for it this year, deduct it this year! The IRS doesn't know you paid for it with a credit card.