We had a baby , 2000$ for dr, 2000, for hospital, 2000 for baby stayed in hospital one week, husband had surgery 2000, and thats it. Plus insurance payed some should we bring in our explanation of benifits for taxes or not. Also Bought car cash down is that a write off, also new house as well?I need a bit of advice on taxes for me and husband can help?
Medical is only deductible if total out of pocket expense is greater than 7.5% of adjusted gross income.
Car is not deductible.
Interest and points paid on house are deductible.I need a bit of advice on taxes for me and husband can help?
You can only deduct the amount of your medical expenses that were not reimbursed, and were over 7.5% of your adjusted gross income, and then only if you itemize. You could take in your EOB statements, but they most likely won't be used if insurance paid very much of it.
No tax benefits from buying the car.
For the house, interest (including points) and real estate taxes are deductible if you itemize.
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