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leighton292007
New Member

My father took a loan against his life insurance. He gave me 20000 dollars. I paid for bariatric surgery. Can I claim the full amount as a medical expenses?

 
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MichaelMc
New Member

My father took a loan against his life insurance. He gave me 20000 dollars. I paid for bariatric surgery. Can I claim the full amount as a medical expenses?

Yes, with some limitations.

First, I am taking you literally, that your father gave you the money. As a gift, this money is not taxable income to you. 

You can include in medical expenses the cost of bariatric surgery if it is a treatment for a specific disease diagnosed by a physician (such as obesity, hypertension, or heart disease). You would not be able to include the cost of the surgery if the purpose was the improvement of appearance, general health, or sense of well-being. 

Please keep in mind that you can deduct on Schedule A (Form 1040) only the amount of your medical and dental expenses that is more than 10% of your AGI. But, if either you or your spouse was born before January 2, 1952, you can deduct the amount of your medical and dental expenses that is more than 7.5% of your AGI.

 

 

 

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2 Replies
MichaelMc
New Member

My father took a loan against his life insurance. He gave me 20000 dollars. I paid for bariatric surgery. Can I claim the full amount as a medical expenses?

Yes, with some limitations.

First, I am taking you literally, that your father gave you the money. As a gift, this money is not taxable income to you. 

You can include in medical expenses the cost of bariatric surgery if it is a treatment for a specific disease diagnosed by a physician (such as obesity, hypertension, or heart disease). You would not be able to include the cost of the surgery if the purpose was the improvement of appearance, general health, or sense of well-being. 

Please keep in mind that you can deduct on Schedule A (Form 1040) only the amount of your medical and dental expenses that is more than 10% of your AGI. But, if either you or your spouse was born before January 2, 1952, you can deduct the amount of your medical and dental expenses that is more than 7.5% of your AGI.

 

 

 

leighton292007
New Member

My father took a loan against his life insurance. He gave me 20000 dollars. I paid for bariatric surgery. Can I claim the full amount as a medical expenses?

Thank you very much!

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