Is Cord Banking a legit medical expense?
I'm thinking not, but I was wrong once before....
I'm thinking not, but I was wrong once before....
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"I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey -
I had to "google" to see what you were asking, found this discussion at TA which might give you some insight - discussion in 2010 so not sure of 2011.[http://www.taxalmanac.org/index.php/Discussion:Cord_blood_banking[/url]
Sandy -
I stumbled across this, although it was form 2009 and there may be something later that I missed.
If nothing else turns up, you might want to hand this to the taxpayer and get their reaction."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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Interesting reading
Thanks, those were both interesting reading. My client is an anesthesiologist.. maybe she knows more than we do, and we should all consider cord banking!
Maybe more than our brains are going nite nite when we get that outpatient surgery!"I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur GodfreyComment
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I just turned 64, but if my wife and I decide to have any more kids we will certainly look into it."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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Form 5695
I don't suppose these cords are solar and/or energy efficient, are they? Cause you could double up and take a credit AND a deduction. My hairdresser brought this up once.If you loan someone $20 and never see them again, it was probably worth it.Comment
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The most recent irs pub on medical deductions does not include cord banking. It is not considered deductible unless the TP can show that it is being banked for a current medical problem or an anticipated problem based on the known factors of the patient's or dependent's current or pending medical condition/s, not for "just in case something might happen".Believe nothing you have not personally researched and verified.Comment
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