You may pay out a bundle in out-of-pocket medical costs each year, but you may ask yourself, Can I deduct medical expenses on my tax return? It’s possible but not easy. Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of your adjusted gross income. Plus, medical expenses are deductible only if you itemize, which means that your itemized deductions must exceed your standard deduction.
Check out our blog post for some items to take into account in determining a possible deduction.
