In case you needed another reason to lose weight, you may find a tax deduction this season if you use certain treatment options to lose weight. It’s statistically proven that individuals are five times more likely to lose weight if they have something to gain from it financially.
In order to claim a deduction, the IRS allows any taxpayer who pays more than 10% of their adjusted gross income on certain weight loss options. A taxpayer with an AGI of $40,000 can deduct qualifying weight loss expenses greater than $4,000.
Your doctor must recommend the treatment, and state that your current weight is detrimental to your health and longevity. Different types of weight loss expenses that qualify for deduction include:
- Behavioral counseling
- Physician appointments
- Dietitian and nutritionist fees
- Commercial programs for weight maintenance
- Bariatric surgery
- FDA approved medications
Dietary programs typically don’t qualify for a deduction, nor do gym membership, health club fees, or liposuction. Your gym or health club may be an exception, if they run a program specifically targeting weight loss. In these cases, you may be able to deduct any extra enrollment fees you incur. For more information, speak to your financial advisor or contact the IRS.