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Q: Medical Expenses > 100% AGI ( No Answer,   2 Comments )
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.

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