Contact UsWhen itemizing if $$ of medical expenses entered on schedule B are below threshold for deduction is it still necessary to hold on to all those receipts in case of audit?
I've been told that in above scenario still better to fill the amount on schedule B. Is that correct? I'm presuming because in the event that amount exceeded threshold in s subsbequent year it won' be going from zero to a very large amount??
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Tax Professional Answers
John Stancil
If the medical bills are not sufficiently large in a given year you cannot take a deduction for medical expenses on Schedule A. Those bills cannot be used in subsequent years. In the event of audit, the bills would not be of any interest to the IRS, since they were not actually a part of the return. Going from zero to a very large amount is not unusual in the medical expense area, so I would not let that concern me.
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424 weeks ago