Taxpayer borrows money from a bank to pay for eye surgery. He pledges personal and business property as security. I know I have a current year deduction for the cost of surgery but what about the interest paid in future years? Is interest on a medical debt a medical deduction?
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In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
Alexis de Tocqueville -
That would be non-deductible personal interest. You could compare that interest much the same as medical transportation deduction does not include personal interest on a car loan. -
I concur
with Old Jack. See page 4-10 TTB "Interest That is Not Deductible as Itemized Deduction". I believe your loan was a "personal" loan and therefore is not deductible. You could have used the loan to purchase anything which would classify it as personal.Comment
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Thank's,
It was my opinion that it was personal interest but a second opinion is valued.In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
Alexis de TocquevilleComment
Comment