Can I deduct therapy costs on my taxes?
An example of an AI chatbot conversation about therapy costs and tax deductions.
Can I deduct therapy costs on my taxes?
Yes, you can deduct therapy costs if they qualify as medical expenses. This includes fees for licensed therapists.
What types of therapy are eligible for deductions?
Eligible therapies include psychotherapy, counseling, and treatment for mental health conditions, as long as they are provided by licensed professionals.
Are there any limits on how much I can deduct?
Yes, you can only deduct the amount of medical expenses that exceed 7.5% of your adjusted gross income (AGI).
Do I need to keep receipts for my therapy sessions?
Absolutely! It's important to keep detailed records and receipts for all therapy sessions to support your deductions.
Can I claim therapy costs if I use my health insurance?
Yes, you can still claim the out-of-pocket costs that you paid after insurance reimbursement.
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