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Author: buttercole Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123501  
Subject: Medical Expense Deduction W/Gift Partial Payment Date: 1/31/2007 11:26 PM
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Please let me run this by you all to make sure it really is appropriate from a tax deduction perspective:

My wife and I had a considerable amount of qualified deductible out of pocket medical expenses in 2006, roughly 34k. My wife's parent's gave us a cash gift of 23-24k to help us with some of this expense (The gift was check(s) to us rather than a direct payment to the hospital/doctor).

Now, from what I understand based on my research, we do not pay taxes on the gift, nor do we report it as income. However, as far as I know, we should be able to deduct the full 34k from our income.

It seems a little odd to me, but is this correct?

Thanks in advance for any insight!
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