Tax deductions

[Sean0104]

I'm having dental implants put in my credit wasn't good enough to qualify for the loan so my dad co-signed for me so the bill is in his name but I make all the payments can I claim the payments on my taxes. 

[Opus 17 · Accepted solution]

Dental implants are allowed as a tax deductible medical expense.  You deduct the expense in the year you pay the provider.  So if you took out a loan for (let's say) $10,000 from a bank, paid the provider $10,000, and are paying the bank $100 per month, you can list the full $10,000.  However, if you have a payment plan with the provider, and are paying the provider $100 per month, you can only deduct what you actually paid this year.

You can list your schedule A itemized deductions like mortgage interest, property taxes, gifts to charity and medical expenses.  However, you may not actually get a tax break.  It depends on your overall income and all your deductible items.  Turbotax will do the calculations for you if you use the program.