Affording IVF / Surrogacy, including tax perks

Affording IVF / Surrogacy, including tax perks

Postby HammockGuy » March 16th, 2009, 7:48 pm

As I shared before, the primary reason we trekked to Anand, India and used Dr. Patel's services was for simplicity sake. After some attempts to research and choose a clinic, surrogate and a lawyer in the US, I was finding the process quite frustrating. And, after the economic downturn, finances certainly became more of a factor as well...

To help make this easier on the pocketbook, sensing this need a while ago actually, I began selling things that I didn't really need. Let's just say that I know how to use craigslist and eBay quite well now ;) . To date, I've sold nearly 100 items, including some larger ticket ones like a Manx dune buggy, 135 gallon aquarium & enclosed cabinet stand, cameras, furniture and I have a cool, but unfinished gull-wing kit car for sale next. It all helps, and to be honest, most of the stuff sold wasn't getting used or enjoyed anymore. Plus, less clutter in the house, just looks better...

On top of this, we became a little more frugal, knowing that any saved money can be used for something much more important. Planning also can make a difference. Annually, my wife returns to Taiwan for the Chinese New Year to spend time with her family. We arranged our Indian flight itinerary to include stop in Taiwan after departing India. While this had us apart during Christmas and the 2009 New Year, this maneuver saved us a good chunk of money. Creativity can help...

While I cannot speak for other countries, in the US, come tax time (now) we can write-off these expenses! This does not constitute as tax advice, so do your due diligence to see if this option benefits you. You need to deduct 7.5% of your AGI from your IVF / surrogacy expenses.... If you itemize (Schedule A), check it out (lines 1-4). Understand, this can include your transportation, hotel, virtually everything. I kept receipts and notes of all of our expenses, including tuk tuk rides and tips! So, for those who are wondering about how to finance this journey, knowing about this deduction and what it might offer you in return, can make the difference in wanting to try... Before I forget, here is some info from the IRS on this topic - look for Fertility Enchancement...

As with all topic starts, this is just to get the ball rolling, and I'm sure others can share more, including their experiences... Also, for those from other countries, please let us know about certain benefits there as well.
Four cycles with Dr. Nayana Patel, with the first and fourth giving us two beautiful, healthy baby girls! Persistence and determination are often rewarded, so stay the course...
User avatar
HammockGuy
Father of 2 girls - Thanks Dr. Patel!
 
Posts: 155
Joined: February 22nd, 2009, 9:15 pm
Location: USA

Re: Affording IVF / Surrogacy, including tax perks

Postby Ludweig » March 29th, 2009, 4:37 pm

Hi there...does anyone know what the tax implications are for Ontario Canada?
Ludweig
 
Posts: 1
Joined: March 29th, 2009, 8:11 am
Location: Ottawa Canada

Re: Affording IVF / Surrogacy, including tax perks

Postby HammockGuy » March 29th, 2009, 11:27 pm

Hi Ludweig,

Between not being from Canada or an accountant, I am certainly not the best qualified, but from what I've heard, there does exist the possibility to claim or deduct such expenses. Ok, I just did search and found this.

The way I read it, the IVF costs, at a minimum can be accounted for...

Hope that helps. HG
Four cycles with Dr. Nayana Patel, with the first and fourth giving us two beautiful, healthy baby girls! Persistence and determination are often rewarded, so stay the course...
User avatar
HammockGuy
Father of 2 girls - Thanks Dr. Patel!
 
Posts: 155
Joined: February 22nd, 2009, 9:15 pm
Location: USA

Re: Affording IVF / Surrogacy, including tax perks

Postby Madyson » March 19th, 2012, 7:42 pm

HammockGuy wrote:While I cannot speak for other countries, in the US, come tax time (now) we can write-off these expenses! This does not constitute as tax advice, so do your due diligence to see if this option benefits you. You need to deduct 7.5% of your AGI from your IVF / surrogacy expenses.... If you itemize (Schedule A), check it out (lines 1-4). Understand, this can include your transportation, hotel, virtually everything. I kept receipts and notes of all of our expenses, including tuk tuk rides and tips! So, for those who are wondering about how to finance this journey, knowing about this deduction and what it might offer you in return, can make the difference in wanting to try... Before I forget, here is some info from the IRS on this topic - look for Fertility Enchancement...


Was just wondering about this over the weekend. Thanks!!!
Madyson
 
Posts: 33
Joined: March 18th, 2012, 8:53 am

Re: Affording IVF / Surrogacy, including tax perks

Postby bmkoss » March 25th, 2013, 8:08 pm

Hi there
We are new to this site. We are planning to visit Dr Patel's clinic for surrogacy this September. We do have one question (one for now). We have conflicting information about whether surrogacy out of the country can be deducted. Our tax person believed it couldn't be deducted since its medical treatment outside the US. Can someone tell us how to go about finding a tax person who does specialize in this situation?
bmkoss
 
Posts: 17
Joined: March 25th, 2013, 7:46 pm

Re: Affording IVF / Surrogacy, including tax perks

Postby HammockGuy » March 27th, 2013, 8:49 am

Welcome to the forum bmkoss.

I'm no authority on this topic, but when I read the relevant IRS information pertaining to such expenses, there was no reference of where the expenses were incurred. This was a 2+ years ago though...

That said, I just found this:

http://online.wsj.com/article/SB1000142 ... 01974.html

About 1/2 down, this:

"Medical care does not have to be provided in the U.S., but drugs from outside the U.S. must be legally approved for import. Dental expenses qualify.

Hope this helps a little. Best to you.
Four cycles with Dr. Nayana Patel, with the first and fourth giving us two beautiful, healthy baby girls! Persistence and determination are often rewarded, so stay the course...
User avatar
HammockGuy
Father of 2 girls - Thanks Dr. Patel!
 
Posts: 155
Joined: February 22nd, 2009, 9:15 pm
Location: USA

Re: Affording IVF / Surrogacy, including tax perks

Postby spanky » March 27th, 2013, 9:52 am

bmkoss, I deducted everything I could think of based on my interpretation of http://www.irs.gov/publications/p502/index.html

from visas and airline and hotel/meals, etc. to all ivf and surrogacy expenses and even bribes paid. I did document it all pretty carefully and keep receipts where possible. I also purchased audit protection after filing via turbo-tax :)

I am not sure you can find a tax specialist in this area, but certainly you can ask a regular tax person you trust and explain what you plan to do in detail and see what they say.

Good luck
User avatar
spanky
 
Posts: 95
Joined: March 4th, 2009, 11:54 am

Re: Affording IVF / Surrogacy, including tax perks

Postby HammockGuy » March 27th, 2013, 10:08 am

We deducted twice, for both little ones...

After advisement, we did not deduct expenses that we would have otherwise incurred anyways, namely food. We were not paying for groceries at home, but needed to eat there; so that was not an added expense for us. If anything, we probably saved money on food costs (US compared to India prices, plus the food we brought). In the whole scheme of things, food costs did not amount to much, at least for us. So, we took the "safe" approach in that respect...

I had logged on a spreadsheet all of our daily expenses, including tuk tuk rides and food, even though we ultimately did not claim such, as explained above.
Four cycles with Dr. Nayana Patel, with the first and fourth giving us two beautiful, healthy baby girls! Persistence and determination are often rewarded, so stay the course...
User avatar
HammockGuy
Father of 2 girls - Thanks Dr. Patel!
 
Posts: 155
Joined: February 22nd, 2009, 9:15 pm
Location: USA

Re: Affording IVF / Surrogacy, including tax perks

Postby bmkoss » March 28th, 2013, 10:05 am

Thanks so much HammockGuy and spanky. This area seems to be pretty vague on all the websites we have looked at. Keeping allthe receipts and having a log of all expenses is a great idea. Appreciate all the advice. I'm sure we will have more questions as it gets closer to September.
bmkoss
 
Posts: 17
Joined: March 25th, 2013, 7:46 pm

Re: Affording IVF / Surrogacy, including tax perks

Postby Renu » June 30th, 2013, 6:15 pm

Hi All,
I would like to thank all to help each other.Me and my husband are having Egg donor with Ivf surrogacy In India. I would like to know if any one knows if I ( mother) can get leave from work FMLA if having surrogacy done in in indi? As you know we have to go to India ,get paper work etc....does any one know how many weaks one can get for FMLA.Thanks....
Renu
 
Posts: 14
Joined: January 29th, 2013, 8:56 pm

Re: Affording IVF / Surrogacy, including tax perks

Postby angelsem » October 12th, 2015, 10:31 pm

IVF / surrogacy through "Gestational Surrogacy India" in the best fertility clinics are comparatively low cost or affordable. Surrogacy in India makes possible for almost all infertility couples to get ready for the treatment and have baby at reasonable price.

Read More
http://gestationalsurrogacyinindia.weebly.com/
angelsem
 
Posts: 1
Joined: October 12th, 2015, 10:23 pm


Return to Topic-focused Discussions

Who is online

Users browsing this forum: No registered users and 2 guests

cron