Can a taxpayer deduct C.O.B.R.A. payments under medical expenses if he/she itemizes their return? Tax professionals please reply. Thanks.
2007-12-06 08:40:18 · 6 answers · asked by angrycelt 3 in Business & Finance ➔ Taxes ➔ United States
Yes, payments made under COBRA for medical insurance are allowable medical deductions. But you can only deduct the portion of your total medical expenses that is over 7.5% of your adjusted gross income.
2007-12-06 08:43:41 · answer #1 · answered by Judy 7 · 5⤊ 0⤋
No. only very own loan interest and genuine assets taxes are deductible. the only exception is while you're utilising an element of your place as your place business enterprise. (the gap would desire to be a hundred% committed to the business enterprise, and not used for the different objective. then you somewhat would deduct the % the business enterprise squarephotos is to the finished domicile, on all costs of the domicile (warmth electric, coverage and enhancements) you additionally can deduct a drepreciation for that % of the domicile)
2016-11-13 21:32:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
as far as i know all medical insurance premiums that you pay and are not reimbursed for are tax dedcutible if you exceed the 7% of gross income figure under the itemized tax deductible column as long as you do itemize. You pay 100% for cobra plus a fee to the company, the fee is not deductible but the insurance premium under the above is.
2007-12-06 08:47:19 · answer #3 · answered by Anonymous · 1⤊ 2⤋
I would say yes, because you can deduct Insurance Premium payments if you itemize.
2007-12-06 08:43:19 · answer #4 · answered by jj48bv25 4 · 3⤊ 0⤋
Yes, as long as you meet the standards for the itemization.
2007-12-06 08:44:20 · answer #5 · answered by T 5 · 2⤊ 0⤋
Definitely yes.
2007-12-06 08:47:17 · answer #6 · answered by DeeDee 6 · 2⤊ 0⤋