Yes. The loan itself is not deductible, but the medical expenses you paid with it are deductible.
For medical expenses to be deducted on the tax return, you
must itemize deductions on Schedule A, and your unreimbursed medical
expenses must exceed 10 percent of your adjusted gross income (AGI).
Then, you can only deduct the amount by which your unreimbursed medical
expenses exceed this 10 percent threshold (7.5% of AGI for age 65 and older
until 2017). However, some states allow the full deduction, even if you
don't have enough for your federal taxes.
Where to
enter medical expenses in TurboTax:
While inside the software and working on your return,
type medical expenses, sch a in the Search at the top of the
screen (you may see a magnifying glass there). There will be a popup that
says Jump to medical expenses, sch a. Select that
to get to the general area.
Please see the following
link for a comprehensive list of deductible medical expenses. IRS
Medical Expenses
