Monday, January 6, 2014

Tax time - surrogacy and taxes!

Just started on the pile of business receipts and all of the related tax stuff.  I did some research today on what is allowable under medical as deductions for surrogacy for US clients.  Basically, you can't deduct surrogate compensation, surrogate medical costs, donor costs, agency fees, etc.  You can deduct any medical care that you received as part of the treatment, including semen transport, IVF related costs that you or your married spouse incurred, travel, and newborn care.   Anything that you, your spouse or your born children incurred for care and expenses, write it off!   I of course, am not a tax expert, but thought this might be on the minds of a few people out there.   Also, if you've completed a second parent adoption, don't forget the tax credit!   Surrogacy is a grey area tax wise in the US - but I would certainly ask your accountant to be creative!  Keep those receipts.

I was getting various reports on Aussie taxes - so I looked up the table of allowable medical expenses and found the attached.  Obviously, consult your accountant if you have questions regarding this.  Seems everyone in every country needs a tax accountant these days to keep abreast of changes!

Please let me know if you've found anything that others might be able to include.

Complete Surrogacy Solutions

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