Q: Deductibility of interest on medical expenses
Question: Does anybody have a clue about the deductibility of interest paid on money borrowed specifically to pay medical expenses?
I know the following:
1) Personal interest is totally non-deductible 2) Medical expenses are fully deductible past the 7.5% exclusion 3) Medical expenses are deemed paid when the check is signed, not deemed paid when the charge is accrued
Answer: Please refer to number 1 above, which is the answer to your question. It is possible to have a home equity loan that could result in a tax deduction, and you might be able to borrow on the equity line for medical costs.
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