Tax write off!?!?!?

[bobbyswife 862]

HOLY. COW. I did not know until today that all of your receipts for bariatric supplements, Vitamins, Meal Replacements, Protein, etc. are ALL TAX DEDUCTIBLE because it is a physician prescribed diet. This is the best news ever! I am saving those receipts!!!

[BryBro63 410]

Does that include Protein Bars as well???? LOL!!!!

[wannaBthinsoon 1,634]

YES!!! Keep those receipts!! We're getting so old, and paying everything off, that we need all the deductions we can get! HA!

[wannaBthinsoon 1,634]

Oh, and disregard my ticker....I just figured out how to add one, but I don't have a date yet

[VSGAnn2014 12,992]

I've read online in various places that some nutritional supplement businesses drum up WLS customers for their products, mail the items to their customers, and directly bill the patients' Medicare / Medicaid / Insurance accounts for the supplements.

It seems iffy to me, but I really don't know if it's an actual scam.

[Luvin_Life125 558]

I have a child with multiple food allergies and his specialized foods are also tax deductible under medical expenses. The caveat is only the cost above what a normal version of the item would cost is deductible. For example, my son has to drink rice milk at a cost of $5.98 per gallon. Regular milk is on average $3.28 a gallon. $2.70 is deductible for us for every gallon of rice milk we purchase ($5.98- $3.28= $2.70). I suggest double checking to make sure the same stipulation is or isn't applied to bariatric foods. Also, double check about deducting the mileage also to purchase bariatric foods! I suggest working with a good accountant if you want to use these deductions to make sure everything is done correctly.

Thanks for sharing a wonderful tip!

[VSGAnn2014 12,992]

Just a quick note that medical expenses of any kind are not "deductible" like many other expenses (subtracted from taxable income).

However, deductible medical expenses must exceed a certain percentage of your taxable income.

* I am not a CPA.

[wannaBthinsoon 1,634]

@@VSGAnn2014 This is true.... what you said above. Only a percentage, and an accountant could tell you for sure.

[ProudGrammy 8,322]

Does that include Protein bars as well

@@BryBro63

:D :D :lol: :lol:

the way i love and eat Protein Bars..........

what a write off i would have had

good try

kathy

[bobbyswife 862]

@@BryBro63 I was told that if your Protein bar is a physician approved Meal Replacement then yes, you can include it.

[Dajones 46]

My insurance didn't cover my sleeve surgery at all, so it was self-pay. Can I use that cost as a write-off?

[VSGAnn2014 12,992]

Yes, you can -- in accordance with the IRS rules found at:

http://www.irs.gov/uac/Newsroom/Deducting-Medical-and-Dental-Expenses

Edited December 2, 2014 by VSGAnn2014

[Sunnyskies2283 23]

Your write off is only what exceeds your agi of a certain percent which I think is 7.5%. I certainly hope supplements never exceed 7.5% to be able to claim. Self pay on a surgery definitely could though

[Jersrose43 837]

It's now 10%. Thank you obama

[BeautifullyCreated1982 168]

HOLY. COW. I did not know until today that all of your receipts for bariatric supplements, Vitamins, meal replacements, Protein, etc. are ALL TAX DEDUCTIBLE because it is a physician prescribed diet. This is the best news ever! I am saving those receipts!!!

Good to know! I'll be sure to keep my receipts going forward.