Do I deduct healthcare expenses the year financed or the year paid? and 2013 Seminar: The Future of Asia’s Finance

Do I deduct healthcare expenses the year financed or the year paid?

I've financed a lot of dental and orthodontic work. I used Care Credit for the dental, and Chase Health Advance for the orthodontic. I started making payments on them last year.

On my taxes, do I deduct it all in last year's taxes because the dentist and orthodontist got their money already, or do I deduct only the amount that I've paid to the finance companies already?

Thanks in advance for informed answers.


Finance best answer:

Answer by Judy1
The year paid - and only the part that is for principal, not any interest.

If you put them on a credit card though, the bill is considered paid as of the date you put it on the card.

Finance

2013 Seminar: The Future of Asia's Finance


Image by International Monetary Fund
(L-R) International Monetary Fund Deputy Managing Director Min Zhu, Hong Kong Monetary Authority Chief Executive Norman Chan, JP Morgan Managing Director and Head of Emerging Markets and Global Credit Research Joyce Chang, Japan Bank for International Cooperation CEO and Executive Managing Director Hiroshi Watanabe, and The Institute of International Finance Managing Director Timothy D. Adams at an IMF Seminar "The Future of Asia's Finance" at the 2013 IMF/World Bank Spring Meetings at International Monetary Fund Headquarters in Washington, DC on April 19, 2013.
IMF Photo/Michael Spilotro

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