Do drugs purchased from Canadian pharmacy online qualify for deductions on Schedule A
To save substantial money a lot of seniors are ordering their prescription drugs from a Canadian pharmacy online. The question most Seniors are asking today is whether or not these drug prescription costs are deductible, just like purchases of drugs in the U.S.?
The IRS has specifically stated that a "US Taxpayer can only deduct out-of-pocket costs of prescription drugs bought only in the U.S. to the extent the total unreimbursed medical costs exceed 7.5% of the taxpayers adjusted gross income.
Therefore, these drug prescriptions bought from a Canadian or any other countries pharmacies do not qualify as deductible medical expenses and so are specifically excluded from being includable as Medical Expenses on Schedule A.