should I get a dental implant before the end of the year?
Here is my situation:
I paid a lot in out of pocket medical/dental costs this year (more than K) I still need about K in dental work.
I do not have the cash on hand to do it.
But, if I get it this year, I can deduct it from my income tax (I think).
I can do it with a no-interest balance transfer ( transfer fee) on a credit card.
Is it worth it? Or am I better off waiting and doing it when I have the cash?
Possibly irrelevant financially, but personally significant: I have a missing bicuspid that makes me self conscious, and as I am unemployed and searching for a job, I feel it doesn't help me put my best foot forward at interviews.
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Never borrow money to get a tax deduction. Even 18 months interest free is a stupid risk to save a few $ in taxes (we're talking K or less in tax savings from what I can tell in your questions).
To deduct medical expenses (in the US), your expenses must first be reduced by 10% of your AGI. So a K earner can only deduct expenses over K, for example.
Then, the deduction is added to your other itemized deductions, and it's only taken if it exceeds the standard deduction, 00 for a single person. In the end, you need to do the math and see is the savings is worth it.
If the tooth makes you self conscious or insecure, it may be worth every cent to do it ASAP.
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