Living in a state that borders Canada, we've all heard about the inexpensive prescription drugs available just north of us. Did you know that there can be a hidden expense to those prescriptions?
A recently released publication from the IRS regarding Medical Expenses reaffirms their position that the cost of buying medicine from Canada is NOT deductible. That's because importing medicine from foreign countries is technically illegal. Also, since the cost of these drugs is not deductible, the prescription expenses are not eligible for reimbursement from an employer's flex plan or medical reimbursement plan.
Eventually, you may see changes in the laws governing Canadian medicine imports. For now, though, if you're buying prescriptions from Canadian medical suppliers, be sure to exclude those costs from summaries you provide us for your tax return.
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