4

Should I pay off my braces all at once so that I can write them off this year as a health expense? Or should I pay off my braces over the long haul?

P.S. I live in Pennsylvania.

  • 2
    Tax questions should usually include a location/jurisdiction as the answers do vary... – sdg Dec 10 '10 at 14:38
10

You can only deduct medical expenses that exceed 7.5% of your AGI for any given year. I don't think that taxes are really a factor here.

3

By paying your braces off over the long haul, all you are doing is paying interest, unless you have no interest on them (you don't specify). I have trouble fathoming a situation where paying them off over time is helpful to you - even if the interest is tax deductible is it going to make a major change in your itemized deductions?

Pay them now and wipe that monthly payment out forever.

  • 1
    If paid over the course of treatment, the OP may be able to use an FSA (flexible spending account) and make the payments pretax, avoiding the 7.5% floor issue. – JoeTaxpayer May 10 '11 at 3:13

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