Re: band tax deductible?

[Guest guest]

Saturday, December 4, 2004, 9:47:31 PM, you wrote:

KT> I couldn't make head or tails out of whether or not

KT> the band was

KT> actually tax deductible. Does anyone here know?

All legal medical expenses are deductible. Total ALL of your medical

expenses for the year. The amount over 7.5 percent of your Adjusted

Gross Income is deductible on Schedule A.

KT> I

KT> took a second

KT> mortgage to get mine and it'd be nice if I didn't

KT> have to declare the

KT> money as extra income and get taxed on it.

Income from a loan is not taxable.

dan

Dan Lester, Boise, ID honu@... www.mylapband.tk

Dr. Ortiz, Tijuana, 4/28/03

323/209/199 Age 61 Fair is whatever God decides to do.

[Guest guest]

Proceeds from a loan are not tax deductible. To the extent that a home

equity loan does not exceed the original purchase price, the interest

is also tax deductible.

This page on the IRS site has lots of information on what is and is

not deductible as a medical expense.

http://www.irs.gov/publications/p502/ar02.html#d0e2555

I see no reason why money spent out of the US could be taxed

differently than money spent at home.

Steve (a lawyer, but not a tax practititioner.)

On Sat, 4 Dec 2004 20:47:31 -0800, Kem Tillford

<iz2c@...> wrote:

> I took a second

> mortgage to get mine and it'd be nice if I didn't have to declare the

> money as extra income and get taxed on it.

>

--

Steve Kalman

[Guest guest]

Kem,

I took the surgery as a tax deduction last year as a medical expense.

It saved my tax year for me last year. I retired last year and there

was a bonus and a large pay out so I really needed that $15K as a

deduction since I paid off my mortgage last year as well.

Charlie

-111

[Guest guest]

<< Dan wrote:

All legal medical expenses are deductible. Total ALL of your medical

expenses for the year. The amount over 7.5 percent of your Adjusted

Gross Income is deductible on Schedule A.>>

Thanks for the info. about medical expenses being deductible and loans

not being taxable Dan!!! I appreciate it;-) Now I can exhale LOL...

Last year while having my taxes done an elderly gentleman was there

with tears in his eyes, he ended up owing the IRS over $4,000 because

he had worked a little too much to supplement his social security. I

felt really bad as I was walking out with over a $1000 refund..just

doesn't seem fair. Since it's getting to be that time of year again I

started wondering if maybe our second loan on the house for my band

might be considered income.

Kem in Eugene

286/251/150

Dr. Neal 8.6.04

<º)))><

[Guest guest]

Sunday, December 5, 2004, 4:22:16 PM, you wrote:

KT> Last year while having my taxes done an elderly gentleman was there

KT> with tears in his eyes, he ended up owing the IRS over $4,000 because

KT> he had worked a little too much to supplement his social security. I

KT> felt really bad as I was walking out with over a $1000 refund..just

KT> doesn't seem fair.

Well, that shows that you planned ahead, and he didn't. And that

refund was your money all year, just that you waited months to get it.

Many CHOOSE to pay, so that they have more during the year, and that

works fine as long as you don't have to pay too much, which then costs

penalties and such.

And of course his problem wasn't your fault or responsibility. I

assume you didn't hand him a check for a thousand bucks, did you?

Didn't think so.

cheers

dan

Dan Lester, Boise, ID honu@... www.mylapband.tk

Dr. Ortiz, Tijuana, 4/28/03

323/209/199 Age 61 Fair is whatever God decides to do.