Comments on: Can you deduct medical expenses if you received a settlement from a third party insurance claim? http://falcate.com/blog/can-you-deduct-medical-expenses-if-you-received-a-settlement-from-a-third-party-insurance-claim/ Falcate.com Sat, 04 Feb 2012 17:41:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: v b http://falcate.com/blog/can-you-deduct-medical-expenses-if-you-received-a-settlement-from-a-third-party-insurance-claim/comment-page-1/#comment-320 v b Tue, 03 Mar 2009 13:38:46 +0000 http://falcate.com/blog/can-you-deduct-medical-expenses-if-you-received-a-settlement-from-a-third-party-insurance-claim/#comment-320 The settlement is not taxable--it's for personal injury. However, any medical bills it pays for are not deductible a second time.... The settlement is not taxable–it’s for personal injury.

However, any medical bills it pays for are not deductible a second time….

]]> By: efflandt http://falcate.com/blog/can-you-deduct-medical-expenses-if-you-received-a-settlement-from-a-third-party-insurance-claim/comment-page-1/#comment-319 efflandt Mon, 02 Mar 2009 03:58:19 +0000 http://falcate.com/blog/can-you-deduct-medical-expenses-if-you-received-a-settlement-from-a-third-party-insurance-claim/#comment-319 Not unless your medical expenses exceeded what you received in the settlement. You could only deduct the amount of the excess expenses that exceeds 7.5% of your income on 1040 line 38. Schedule A specifically says "Caution. Do not include expenses reimbursed or paid by others." Not unless your medical expenses exceeded what you received in the settlement. You could only deduct the amount of the excess expenses that exceeds 7.5% of your income on 1040 line 38.

Schedule A specifically says “Caution. Do not include expenses reimbursed or paid by others.”

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