topic Do loans I incurred for dental expenses prior to 2019 count as a medical expense? And where would I enter? in Deductions & credits

Do loans I incurred for dental expenses prior to 2019 count as a medical expense? And where would I enter?

jpr_taxpro — Sat, 18 Jul 2020 02:14:17 GMT

Re: Do loans I incurred for dental expenses prior to 2019 count as a medical expense? And where would I enter?

Bsch4477 — Sat, 18 Jul 2020 02:20:09 GMT

The loan itself is not a deduction but paying medical expenses with the loan proceeds can be deducted as a medical expense if you itemize.

Re: Do loans I incurred for dental expenses prior to 2019 count as a medical expense? And where would I enter?

Opus 17 — Sat, 18 Jul 2020 02:41:27 GMT

Medical expenses are deductible when you pay the provider. If you have a payment plan with the provider, then your 2019 deduction would be as much as you paid the provider in 2019. However, if you pay the provider in full in a previous year by taking out a separate loan, then the deduction would have occurred when you paid the provider, and paying off the loan is not deductible.

Re: Do loans I incurred for dental expenses prior to 2019 count as a medical expense? And where would I enter?

Carl — Sat, 18 Jul 2020 15:31:57 GMT

Borrowed money is not your money. It never was, is not now and never will be. Therefore borrowed money is not reported anywhere on your tax return.