I don’t even know what to say about this but I thought the forum would find it interesting…
this may be the stupidest thing i have ever heard!
I guess this means that if you can get a doctor to declare you obese, you can deduct your Hot Rox.
I don’t think the deduction applies to just obesity treatments. The way I understand it, if your medical expenses for any medical treatment(I’m sure there are exceptions) total 7.5% or more of your gross income you can deduct it.
GRRAA!!! bashes head into wall Maybe I will be able to write of the anurism that article gave me.
Huey is right - all this IRS ruling did is classify weight loss treatments as a medical expense. All medical expenses are subject to the 7.5% “floor” meaning you need to spend 7.5% of your income on medical expenses before you can deduct something. For most people, in order to meet that floor requires a catastrophic illness that’s not covered by insurance (or if people don’t have insurance). What this means in practical terms is that it will allow people to deduct the cost of gastric bypass or “stomach stapling” surgery – I think, although I’m not 100% sure, that most health insurers will not cover this type of surgery. For people with medical savings accounts, however, it should allow people to use the funds in these accounts for co-pays to weight loss doctors and prescription drugs.
As for deducting Hot Rox - given the 7.5% floor, you’d have to buy an entire warehouse. But even if you did buy an entire warehouse, you couldn’t deduct it. Why? Because only prescription drugs are deductible. Supplements, even if recommended by a doctor, are not deductible.
There you go - more information on tax law than you ever wanted to know. Think I can win “Soldier of the Week” for providing advice on tax law?
You won’t win Humorist of the Week, that’s for sure.
I know they have been talking about trainers getting paid by insurance company’s now. It hasn’t started yet I don’t think, but it’s along these same lines.
Time to bulk up!