The most professional way I can answer this question is to give you my example of doing my '07 taxes. Even though I was confident about meeting the "7.5" threshold everyone talks about (it means that since i made 20 grand that year i could write off reciepts after approx $1500 to meet the threshold) and my medical/dental bills added up to about 3 grand. Also that same year I moved to a different state for a job so I wrote off 4 grand in movers expenses. After all that .... the record keeping was for nothing. The gov't gives you over 5 grand as a standard deduction if you are single w/ no kids. So, all this record keeping was in vain since TaxCut told me to use the standard deduction saying it is better than itemizing even after all that out of pocket cost. Even though my totals were over 7 grand you only get a fraction of stuff like moving expenses back. I send this response in hopes of keeping people from making the same costly mistakes i did like paying for past bill statements and paying doctors out of pocket at a reduced rate rather than just filing through my work insurance. I thought I'd get money back but even after 3 grand in medical receipts and 4 grand in moving expenses TaxCut still told me to go "standard". It is sad to say but unless you had a major medical condition that you had a to pay a ton of money out of pocket or unless you made very little money that year and still had a handful of medical bills then this medical part of the refund is really just hopes and wishes for a majority of people that could really use and need it. Hope this helps!
yes
Talk with the people trying to collect and see if you can work something out. Or declare bankruptcy so the debts can be written off.
Write-offs is the plural of write-off
You can only remove bills if you pay them or if the bills are listed incorrectly on your credit report. It is best to pay them off and then the bills will not be listed as delinquent.
A medical bill is considered a liability because it represents an obligation to pay money to a healthcare provider. It reflects a debt incurred for medical services received, which must be settled in the future. In contrast, assets are resources owned that provide future economic benefits. Thus, medical bills negatively impact an individual's net worth until they are paid off.
Yes. On your schedule A you can include your dental bills as medical expenses.
No, you cannot use your FSA to pay off old medical bills. FSAs are intended for current and future medical expenses, not past debts.
No, they are not a 'business' expense.
The required seven years, the entry should be marked "paid or settled".
Yes, you can use your Health Savings Account (HSA) to pay off old medical bills as long as the expenses were incurred after you opened the HSA.
Yes, you can use your Health Savings Account (HSA) to pay off old medical bills as long as the expenses were incurred after you opened the HSA.
I doubt there is such a thing. Don't pay and your credit is trashed. They may eventually write you off as a "bad debt" but your credit will still be garbage.
Yes, you can use your Health Savings Account (HSA) money to pay off old medical bills as long as the expenses were incurred after you opened the HSA.
Co45 is adjustment co29 is write off
They can write off a certain percentage or dollar amount as a loss each year on their taxes.
The best medical plans are plans that offer insurance. This way a customer can pay off the insurance with no big bills to foot at short notice. It also covers unexpected bills and bills that may be higher than expected or can afford.
Assuming these are medical bills incurred after your Chapter 7 filing and you received a discharge, and they are for medical services for you, not your husband, they will come after you. You should consider filing a chapter 13 to pay them off in whole or in part, depending on your income and expenses. If your husband has a bankruptcy lawyer, he should ask the lawyer. You may consult your own lawyer.