I had to put almost $100,000 worth of medical bills on credit cards. Three to be exact. Can the interest on these loans be deducted as medical expenses as I continue to pay the bills down over the next five years?
Sorry, no. As I pointed out on a prior post, credit card interest is not deductible on your personal income tax return.
That’s the bad news.
The good news is that the medical expenses are deductible in the year that you make payment to the medical provider, not the credit card company. For more on timing of medical bills, see this recent “ask the taxgirl” post.
Like any good lawyer, I need to add a disclaimer: Unfortunately, it is impossible to give comprehensive tax advice over the internet, no matter how well researched or written. Before relying on any information given on this site, contact a tax professional to discuss your particular situation.
- Ask the taxgirl: Are IRAs Taxable?
- Ask the taxgirl: Contacts, Glasses and Other Medical Expenses
- Ask the taxgirl: Credit Card Interest
- Ask the taxgirl: Timing of Medical Expenses
- Ask the taxgirl: Health Insurance Premiums for Family