(OT) Lost Weight? IRS Gives You a Tax Break

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Lost Weight? IRS Gives You a Tax Break

If you have taken drastic measures to lose weight under doctor's orders, Uncle Sam wants to reward you with a tax deduction. The Associated Press reports that the Internal Revenue Service will allow taxpayers who spent thousands of dollars due to physician-diagnosed obesity to deduct expenses for stomach-stapling surgery, approved weight-loss drugs, and nutritional counseling. Since the average cost of a gastric-bypass operation is about $25,000 and may not be covered by health insurance, this is good news for many. Find out the most overlooked tax deductions. Make sure you're getting what you deserve! Here are the specifics, according to the IRS:--To claim the deduction, you must itemize.--Deductions are allowed for uncompensated expenses for your treatment, as well as treatment for a spouse and dependents if the cost is more than 7.5 percent of your adjusted gross income. Example: If your adjusted gross adjusted income is $50,000, you would only be able to deduct medical expenses that exceed $3,750.--If you meet the requirements, you may also deduct the fees for weight loss programs, such as Weight Watchers International Inc. or Jenny Craig Inc.; however, you may not deduct the cost of food.--There is no deduction for joining a gym. Find out how a structured program, such as Weight Watchers, really does make losing weight easier. However, there is one "gotcha" warning! Not surprisingly, the move has drawn praise from Weight Watchers. "At least one arm of the government recognizes the need to reward people for getting in shape," Weight Watchers spokeswoman Linda Webb Carilli told AP. The IRS designated obesity as a disease in April 2002. Deduction guidelines are published in Publication 502. Five great ways to avoid an income tax audit!