While many medical costs are tax deductible, cosmetic surgery is generally not a qualified medical expense. These types of cosmetic procedures are designed to enhance your appearance (without treating a disease or improving the proper function of your body).
However, not 100% of cosmetic procedures are excluded as tax deductions. Some cosmetic surgeries can be qualified medical expenses. These include treatment designed to repair a deformity or malformation related to:
- Congenital abnormalities
- Disfiguring diseases
- Injury caused by accident or trauma
These types of cosmetic procedures can be included as deductions on your tax return.
Keep in mind that you can only deduct qualified medical expenses that exceed 10% of your AGI (7.5% for taxpayers 65 and older). That means even if your cosmetic procedure is a qualified expense, you may not be able to deduct it unless your total out-of-pocket medical expenses for the year are more than 10% of your AGI.
Have questions about cosmetic surgery and qualified medical expenses? Taxation Solutions, Inc. understands that deducting medical expenses can be complicated and confusing. That’s why our knowledgeable experts are standing by to help. Let us put our 40+ years of experience to work for you.