can i still deduct medical bills on my taxes even if they went to collections and i pay them this year???
2006-12-06 16:14:04 · 2 answers · asked by baseballjedi 3 in Business & Finance ➔ Taxes ➔ United States
Yes they can be deducted, but you must be eligible to itemize and the amount you can claim must exceed 7.5% of your adjusted gross income (AGI) before you can claim any of it (for example, if your AGI is $20thousand, you cannot claim the first $1,500 of your medical expenses).
2006-12-07 02:40:17 · answer #1 · answered by nova_queen_28 7 · 0⤊ 0⤋
Yes, you can still deduct them provided that they were actually paid. You can only take the deduction when you have paid your expenses (cash basis). Also, note that you can only deduct the amount of the expense. If it has went to collections and they have charged you interest or penalties on the amount you owed them, these are not deductible as medical expenses.
2006-12-07 00:19:03 · answer #2 · answered by jseah114 6 · 2⤊ 0⤋