I just purchased a Tempurpedic and the salesman said i can write it off as a tax deduction?
I recently just purchases a tempurpedic. As i was paying for it the salesman brought up that when tax season comes up, i could get a "chunk of change" back for this purchase. Is this so? and does anyone know what kind of deduction or return to expect?
thanks
Dear AA: Only if prescribed by a Doctor for a physical condition. Then it would go on Sch A and be subject ot a limitation of 7.5% of your AGI. It may or may not be a deduction for you.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent
And we sincerely doubt that your doctor is going to write you a prescription for a Tempurpedic mattress. Even if you had it, only the EXCESS cost would be deductible and then subject the 7.5% of AGI threshhold.
The IRS lists mattresses purchased specifically to alleviate an arthritic condition as a qualified medical expense. Get documentation from your doctor.
However, medical deductions do not result in a refund. Deductions only reduce tax that you already owe. You may deduct medical expenses in excess of 7.5% of your adjusted gross income. So gather up all of your expenses, and if you can itemize you may be able to reduce tax you owe.
Probably not.
Taking tax advice from a sales person is like taking medical advice from a plumber.
Yet another reason why you should not believe a salesman.
Not a tax issue unless prescribed by a doctor. And if it is, there’s no tax break if you don’t itemize, and no deduction except for any portion of your medical expenses that’s over 7% of you Adjusted Gross Income. So most likely, is no tax benefit.
The salesman was being less than honest with you. You should complain to the store management.
If you have a medical condition that required you to purchase a special mattress then, and only then, can you include it on Schedule A under medical expense. Total medical expenses must exceed 7.5% of adjusted gross before any income deduction is allowed, and only the amount greater than the 7.5% is allowed as a deduction.
Medical expenses are an income credit, not a tax credit, meaning it reduces your taxable income. Also, you must itemize deductions to file a Schedule A. If you take the standard deduction you cannot claim medical deductions on Schedule A.