Can I deduct the amount I paid for implants and dentures? Paid $1100 in cash and financed 30,000 which I repay $550 a month. What can I deduct?

[debra-horsley]

Ill be paying the loan back for years

[MinhT · Accepted solution]

Yes, you can claim your implants and dentures along with all other medical expenses and health insurance premiums paid out-of-pocket as Medical Expenses on Schedule A - Itemized deductions. You can claim both your payment in cash and the part financed with a loan if the loan has been disbursed.

Medical Expenses are subject to the 7.5% rule and you can only claim the excess over 7.5% of your Adjusted Gross Income.

Please note that Itemized Deductions will only "help" when they exceed your standard deduction.

For 2017, standard deductions are:

For a taxpayer under 65, not claimed as a dependent

• $6,350 for Single
• $12,700 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
• $9,350 for Head of Household
• $6,350 for Married Filing Separately
• If you are over 65 or blind, add $1,250 for each instance or add $1,550 each instance if single and not a surviving spouse

In TurboTax, you can enter Medical expenses by following these steps:

• In TurboTax, open your tax return
• Click on Federal in the left-hand column, then on Deductions & Credits on top of the screen
• Scroll down to All Tax breaks, locate the section Medical and click on Show more
• Click Start next to Medical Expenses.