I am going to have a lap band done in mexico. Is that covered under our medical deductions for federal return? Second part would it be better to deduct it off taxes or use that pre tax money. The cost of the procedure is 8000. I have heard you can only get 5000 pre tax. Just wanted to see finacially which would be better. the 8000 and all my other medical things far exceeds 7 1/2 percent of my salary. thanks in advance.
2007-09-11 08:49:24 · 3 answers · asked by Lakeside5 2 in Business & Finance ➔ Taxes ➔ United States
What in the world is a lap band?
2007-09-11 09:10:27 · answer #1 · answered by Anonymous · 0⤊ 1⤋
If you are saying that you can pay $5000 of it from a medical saving account or something like that that is pre-tax, then that would almost surely save you tax money even if it means that with only the other $3000, your medical expenses won’t meet the 7.5% limit since you can’t deduct them.
2007-09-14 11:19:05 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
A medical procedure is deductible. I was at the irs website, and nothing that I could find says that operations done outside the US are not deductible. You can call IRS and they will tell you. The only thing that you cannot deduct are medications ordered or purchased outside the US.
2007-09-11 16:53:21 · answer #3 · answered by Steveo 5 · 1⤊ 0⤋