Umbilical Cord Blood Bank

Tax Question: Does anyone know if fees paid in connection with Cord Blood banking are tax deductible?

Well, it's not ... I don't know how to explain it, what it is is the collection of stem cells from a newborn's umbilical cord. It is saved and stored in a cryogenic type freezer for future use in case of certain types of cancer and other illnesses. My medical expenses did exceed 7.5% of our income last year, and that's why I am enquiring about this, it is almost $2000, and it could improve the outcome of our return :) It's worth a shot. Thanks for trying :)

Public Comments

1. Cord Blood Banking? I am going to assume that is a medical procedure. If it is a necessary procedure then it is deductible...however, that doesn't mean it will pay to deduct it. First, it has to more than 7.5% of you income...anything over that is deductible. But, you still have to have more deductions than your standard deduction for it to be worth it. Hope this helps.