There are many types of medical and dental health insurance plans that patients might seek.  This information will be discussed in multiple sections.

Gift Giving And Your Medical Dental Health Expenses

If your parents directly pay your medical or dental health expenses, any potential tax deduction may be lost: You cannot take the deduction if you do not actually pay the bills; your parents cannot take the deduction if you are not their dependent.

A solution to this problem is for your parents to give you a monetary gift, and then you can pay the expenses yourself. Then, since your income level is lower than your parents are, and thus the deduction threshold is lower, you may be able to deduct a portion of the medical/dental expenses. The gift itself would not be taxed as long as you have not received total gifts in a single year from the donor in excess of $10,000.

Gift giving along with proper planning can help convert your medical and dental expenses into tax savings.

By Jay D. Edelman, CPA

–Dr. Jeffrey Dorfman, Director
The Center for Special Dentistry

The Center For Special Dentistry is NOT a member of any dental insurance plan network.