Financed medical expenses and tax deductions
I am currently making payments on a ~4k loan that was paid directly to the doctor for laser eye surgery.
Can I deduct the 4k loan as a health expense? Or the payments I am making on the loan? Or nothing at all?
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You deduct expenses when you incur them (when you pay the hospital, for example). Medical expenses are deducted on Schedule A, subject to 7.5% AGI threshold. Financed or not - doesn't matter. The medical expense is deductible (if it is medically necessary), the loan interest is not.
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