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Is it still tax deductible if I put it on a Credit Card?



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Hey Everyone,

I've been reading through the rules for deducting the cost of lap band surgery on my taxes and my only question is:

If I am paying for the cost of surgery with a credit card (CareCredit) can I still deduct the cost? Since it's basically a loan I wasn't sure if that still counted...I know this may be a stupid question but I just wasn't sure.

Thanks!

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I think it is a bit complicated and you might lose a great deal of your tax benefit. I would call the 800 IRS number and talk to them for accurate advice. Please let us know what you find out.

Mimi

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I know I am using it on my taxes. I paid for it in the same way u did, just through a different company.

No matter how u pay, the fact is YOU paid. It is a medical expense out of your pocket.

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Yes, it is considered paid the year you incur the debt. (Same as if you put a charitable contribution on your credit card on 12/31, that is a deductible contribution for that year.)

The following quote is from the IRS Pub 502, Medical and Dental Expenses, 2008

If you use a credit card, include medical expenses you charge to your credit card in the year the charge is made, not when you actually pay the amount charged.

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Thank you everyone! I appreciate the info! That makes a lot of sense and it's what I was thinking, but I just wanted to make sure I was on the right page. Thanks again!:thumbup:

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