Tax Deductibility of Weight Loss Surgery
If you don’t pay much attention to your tax return, you may not know that weight loss surgery and other qualifying medical expenses may be tax-deductible. In fact, weight loss drugs, nutritional counseling and other services may also be deductible. However, the IRS has stipulated several requirements for the deductibility of expenses.
- First, these expenses cannot have been reimbursed either by insurance, by your employer or otherwise. The cost must have been born by you, the individual.
- Secondly, the cost of medical care must be above a certain threshold of adjusted gross income. This means that if your medical expenses are relatively small over the course of the year, they may not be deductible.
Most importantly, you should speak to a qualified professional to understand how the cost of weight loss surgery and any ancillary testing or medical services maybe tax deductible if you are paying out-of-pocket either partially with or without insurance coverage. You can also speak to the IRS by clicking this link: https://www.irs.gov/help/telephone-assistance