Monday, November 16, 2009

Health/Dental Tax Writeoff question.?

I am over my 7.5% for the year, my question is if I prepay at the dentist and get some of the work done after the year is over, can I write all of it off, or only what I got done in 07'?

Health/Dental Tax Writeoff question.?
Individuals only report on a cash basis. So you can only report the amounts paid in 2007. As far as the pre-payments, you will be fine to include them on the 07 return.





The following is an excerpt from irs.gov at the below link.





You can include only the medical and dental expenses you paid this year, regardless of when the services were provided. (But see Decedent under Whose Medical Expenses Can You Include, later, for an exception.) If you pay medical expenses by check, the day you mail or deliver the check generally is the date of payment. If you use a “pay-by-phone” or “online” account to pay your medical expenses, the date reported on the statement of the financial institution showing when payment was made is the date of payment. If you use a credit card, include medical expenses you charge to your credit card in the year the charge is made, not when you actually pay the amount charged.


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