Dental loan from 2016

adriahoule1 · ‎May 31, 2019

I have a large dental loan from 2016. Do I claim the total Pricilla balance or just what I paid during 2016?

Phillip1 · ‎May 31, 2019

You will deduct the total dental expense from 2016 that is being paid by the dental loan.

The general rule for when to claim medical expense deductions is that you claim the medical expenses in the year that the medical expenses are paid by you. If the expenses are being paid on credit or by loan, you will deduct the medical expense as of the day the liability or loan was created.

For example, you a root canal performed that cost 5,000 dollars which you financed under a loan. Even if you only pay 1,000 dollars of principal off in 2016, you will deduct the entire 5,000 dollars in 2016. The creation of the loan is considered payment of the dental expense for tax purposes.

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Phillip1 · ‎May 31, 2019

You will deduct the total dental expense from 2016 that is being paid by the dental loan.

The general rule for when to claim medical expense deductions is that you claim the medical expenses in the year that the medical expenses are paid by you. If the expenses are being paid on credit or by loan, you will deduct the medical expense as of the day the liability or loan was created.

For example, you a root canal performed that cost 5,000 dollars which you financed under a loan. Even if you only pay 1,000 dollars of principal off in 2016, you will deduct the entire 5,000 dollars in 2016. The creation of the loan is considered payment of the dental expense for tax purposes.