Today I learned that the medical insurance portion of your auto insurance is deductible on your Schedule A (Itemized Deductions).
Now, in order to take advantage of this, you have to have enough medical expenses to get you over the 10% (or 7.5%, if you’re over 65) of AGI threshold for the medical expense deduction, and you have to have enough in total itemized deductions to exceed the standard deduction allowance, but I still thought it was fascinating. I mean, who knew?
Until next time!
