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Cost of Genetic Testing May Be Partially Tax-Deductible

August 31, 2019 2:34 PM | Anonymous member (Administrator)

The IRS recently issued a private letter ruling that part of the cost of genetic testing may be tax deductible as a qualified medical expense if part of the service includes a medical analysis of the results of the genetic test and results in a report that is presented to the taxpayer's health care providers.

A private letter ruling is issued in response to a request from an individual taxpayer for IRS guidance regarding a tax issue.  It may not be cited as a precedent by others taxpayers, but is viewed by tax professionals as a good indicator of the IRS thinking on a particular issue.

Find more details in this article from accounting web.

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