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jash1rm
New Member

I have big expenses from my new born, but still paying, can i deduct this expenses?

 
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2 Replies

I have big expenses from my new born, but still paying, can i deduct this expenses?

Personal living expenses are not deductible. If you are talking about medical expenses, they are deductible when you pay the provider.  For example, suppose you owe $5000 to your dentist. If you pay the dentist $100 per month, then you would have at most a $1200 deduction this year. If you paid the dentist in full with a credit card, and are paying the credit card off at $100 a month, then you can deduct the entire $5000 payment to the dentist.

ColeenD3
Expert Alumni

I have big expenses from my new born, but still paying, can i deduct this expenses?

As stated above, you can claim any medical expenses paid in 2019 if you itemize. Medical expenses must amount to over 7.5% of your AGI before they start to count.

 

The IRS has greatly increased the Standard Deduction which is meant to cover expenses for persons who don't itemize.

 

You may also be qualified for a Child Tax Credit or the Earned Income Credit for your child. Be sure to indicate that your child lived with you the entire year, no matter what month they were born.

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