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Posted 8/13/2011 1:12 PM (GMT 0)
I am just wondering (gets’ me in trouble most of the time) if the money we spend on pom, vitamins, turmeric, cq10 and all the other stuff, including any pads we might need, is tax deductible as necessary, non-reimbursed, medical expense.  My argument being that if we did not have Pca we would not require, nor would we purchase them.  I am sure we cannot extrapolate that to include a good bottle of red wine.

Seriously, anyone ever looked in to it?

Post Edited (mr bill) : 8/13/2011 7:22:50 AM (GMT-6)

Posted 8/13/2011 1:16 PM (GMT 0)
Have not, but am really interested !

The bottle of good red wine is definitly part of a diet - which we all need healthy lifestyle
Posted 8/13/2011 1:43 PM (GMT 0)
Don't know about the pads and supplements, but I did list my vacuum pump because I had a script for it and doctor's orders to use it on a regular basis. Now although I did have a script for the ed meds/pills, I figured that one was just a little on the hazy side and did not include them, but I probably could have. Besides, I didn't fill the script that much. Every one of them I try gives me too many SE. Back aches being the worse.

Not sure if either is correct, but it made sense to me at the time. Disclaimer: I am not a tax professional.

As a side note, my VA benefits include $96.00 per month for ED and they are defined as "The loss of use of a Creative Organ". You just gotta love that description. Never really thought of it quite like that.

Sonny

Post Edited (Sonny3) : 8/13/2011 8:15:14 AM (GMT-6)

Posted 8/13/2011 2:02 PM (GMT 0)
If wine is a PCa treatment then I will have a great bid deduction, but I am not counting on it. I do know that mileage to and from the doctors office is deductible and any thing that is covered by  doctors prescription including ED pills and devises. The real problem is if you have health insurance on your IRS taxes you have meet a minimum amount of non-covered medical expenses before you can deduct them and I have not been able to meet that minimum in the past. Through my wife's company we have one of those pre tax dollars medical benefits expense accounts that covers all of our deductibles, co pays and non insurance covered medications so that leaves me very little to deduct.

Terry

Post Edited (The Water Guy) : 8/13/2011 8:12:41 AM (GMT-6)

Posted 8/13/2011 2:09 PM (GMT 0)
Okay so this piqued my curiosity, so off I went looking for answers. Here is the publication that covers medical expenses and the IRS.

FWIW- I see some gray areas and wide loop holes.

www.irs.gov/publications/p502/ar02.html#en_US_publink1000179014

(Disclaimer: And I am for danged sure STILL not a tax professional.)

Sonny
Posted 8/13/2011 2:12 PM (GMT 0)
Medical Tax Deductions
http://www.ehow.com/about_4689480_medical-tax-deductions.html


If you pay for medical or dental care for yourself, your spouse or dependent children, you may be able to deduct those expenses on your tax return. To lower your taxable income, make sure you take every medical deduction allowed by the IRS. If your qualified medical costs amount to at least 7 1/2 percent of your adjusted gross income in a calendar year, you may take a medical tax deduction.

-snip-

Diet foods, even if they are recommended by your doctor, are not deductible. Chewing gum to aid in the cessation of smoking is not deductible. However, prescription medication to prevent smoking is a deduction. Health club membership dues are not deductible

Posted 8/13/2011 2:34 PM (GMT 0)
I believe Steve and Sonny have answered this burning question. In my unlearned opinion there are certain nonprescription items that should be included in the 7 1/2% threshold, but is it worth it to go round with the government over what may turn out to be a minimal deduction.

 

Post Edited (mr bill) : 8/13/2011 11:26:19 AM (GMT-6)

Posted 8/13/2011 2:55 PM (GMT 0)
I have been doing taxes, both corporate and individual, for over 30 years. The threshold has always been the issue. The more income you have, the harder it makes to meet the thresh hold on the medical deductions. It works best with a lower income and a lot of out of pocket expenses. A good private tax preparer can help make your medical deductions more meaningful, not suggesting the H&R Block type tax prpearers, because they are often barely trained making minimal wages. Or if you have access to a good public accountant, there are ways to increase the value of medical deductions.
Posted 8/13/2011 3:56 PM (GMT 0)
The big question here ...

good bottle of red wine is deductible - can we all agree to that?

Grins ...Sure...
Posted 8/13/2011 5:30 PM (GMT 0)

Raddad said...
The big question here ...

good bottle of red wine is deductible - can we all agree to that?

Grins ...Sure...

AFTER I drink it, I don't care if it's deductible or not

-- Pete
Posted 8/13/2011 6:41 PM (GMT 0)
Incontinence pads are considered medical expenses for your health care spending account. Look at the code on your receipt. There is a letter "H" next to the item.
Medical expenses related to the treatment of impotence are reimbursable. Maybe the wine (for your partner) can fit there.
Jeff
Posted 8/14/2011 8:48 AM (GMT 0)
With my HIGH deductable and less then steller salary - I've met the  threshold twice in the last five years... The tax break you get isn't much... But if you're already doing the long form adding in medical expenses isn't too hard..

I like to call it the "honor" system... You claim what you think is related and cross your fingers that you don't get audited shocked   (i use tubo tax - and you only fill in a few blanks and don't have to type out a long list of what you're claiming)

Posted 8/15/2011 4:59 AM (GMT 0)
I have a very, very high deductible, and an HSA. So the rule for me is stuff the max allowed into the HSA and spend that, since it is pre-tax money. Some things are clearly allowed for HSA, but not so clearly "deductible". Seems to depend on the employer (CIGNA has a good page on their site that is up to date - for those who remember that I complain about my ins. co., it is not CIGNA, they just have a good site).

However, if it were a year you were planning some major surgery, and would blow out the IRS limits, don't use the HSA, deduct it all to get over the minimums. Some real complicated choices to make. My choice is to pay out of pocket up front, then wait to the end of the year. If I blew the numbers, leave it out of pocket. If not, do a summary of expenses and do a single withdrawal from the HSA for the total.

The big change this year was the removal of over-the-counter medicines from the deductible list, UNLESS you have a prescription. I ask the doc to write a prescription for everything, even aspirin.

I'm not a tax guy, and my advisor can find something wrong with what I did every year mad

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