|
|
Subject:
Medical Expenses > 100% AGI
Category: Business and Money > Accounting Asked by: wode-ga List Price: $20.00 |
Posted:
17 Oct 2006 08:46 PDT
Expires: 20 Oct 2006 07:29 PDT Question ID: 774358 |
I incurred massive medical expenses this year, which I had to pay out of savings; they were significantly more than 100% of my income. Is there any way to spread the associated deduction over future years? |
|
There is no answer at this time. |
|
Subject:
Re: Medical Expenses > 100% AGI
From: abezon-ga on 17 Oct 2006 16:11 PDT |
Pay some of the expenses in 2007 so you can deduct them on the 2007 return. You cannot use medical expenses to generate a net operating loss. However, it might be worth paying someone to do your taxes next spring so that they will figure any NOL that might be triggered by other things on your return. |
Subject:
Re: Medical Expenses > 100% AGI
From: innanyc-ga on 19 Oct 2006 11:11 PDT |
Medical expenses are deducted not for the year when the service was provided, but for the year when the payment was maid. So, the previous comment on spreading expenses to 2007 can be expanded to year 2008 and 2009 as long as you make arrangements with your health care providers to pay on installment basis (they usually accept such requests). This will allow you to fully utilize your medical deductions. |
If you feel that you have found inappropriate content, please let us know by emailing us at answers-support@google.com with the question ID listed above. Thank you. |
Search Google Answers for |
Google Home - Answers FAQ - Terms of Service - Privacy Policy |