I have large, deductible medical expenses incurred in 2017 that I would like to pay with a credit card in 2017. The credit card payment is due and will not be paid until 2018. I did a quick google search and the consensus is that this expense is deductible on my 2017 tax return.
Can anyone point me to an official IRS pub or regulation that confirms this?
plannerman
Deductible Expenses Paid by Credit Card--Timing
- plannerman
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Re: Deductible Expenses Paid by Credit Card--Timing
I don't know if there is an IRS pub about this but if you have a receipt showing payment made in 2017 I would say you're fine. The IRS shouldn't care how you pay a bill.
Re: Deductible Expenses Paid by Credit Card--Timing
Pub 17plannerman wrote: ↑Thu Nov 30, 2017 6:15 am I have large, deductible medical expenses incurred in 2017 that I would like to pay with a credit card in 2017. The credit card payment is due and will not be paid until 2018. I did a quick google search and the consensus is that this expense is deductible on my 2017 tax return.
Can anyone point me to an official IRS pub or regulation that confirms this?
plannerman
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
Re: Deductible Expenses Paid by Credit Card--Timing
I would say that the expense is deductible based upon the date the charge posts to your CC statement. I would offer the following in support of this view:
http://dinesentax.com/6062/when-are-pur ... deductible
https://www.1040.com/tax-guide/health-a ... -expenses/
http://dinesentax.com/6062/when-are-pur ... deductible
https://www.1040.com/tax-guide/health-a ... -expenses/
Real Knowledge Comes Only From Experience
Re: Deductible Expenses Paid by Credit Card--Timing
Yep, they should teach Publication 17 in high school English. It is a better read than Wuthering Heights.
- plannerman
- Posts: 855
- Joined: Wed Feb 21, 2007 9:42 pm
- Location: NC Mountains
Re: Deductible Expenses Paid by Credit Card--Timing
Thanks--Pub 17, I'm suitably embarrassed.
Steve
Steve
Re: Deductible Expenses Paid by Credit Card--Timing
You borrowed the money to pay the medical bill.
Now you must pay the loan.
Now you must pay the loan.