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The Online Advisor - July 1999
Good tax news for smokers trying to quit
The IRS recently announced that the cost of prescription drugs or programs designed to break the smoking habit can be deducted as a medical expense.
Over-the-counter drugs, nicotine patches, and nicotine gums will not be deductible.
To benefit from this new ruling, you must itemize deductions on your tax return, and your total medical expenses must exceed 7.5 percent of your adjusted gross income. Tax returns can be amended for up to three years to claim the deduction in prior years.