Love2Flop[at]gmail.com wrote:

- quote -

The wording I've seen is that the medication needs to be for
a current need, not 'bought in advance'. In theory, this is
an honor system situation. In practice, buying $1000 worth
of asprin for resale will get you in trouble.

JOE

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Love2Flop[at]gmail.com
wrote:

- quote -

I assume you must use it for the same types of items that
you could have taken a Schedule A deduction if you were
paying out of pocket. And you only get one of these
deductions for medical expenses for yourself or your
dependents.

Anyway, if you resold the items, you would have to declare
the receipts as income, which seems like it would just
cancel out the effective deduction due to the original use
of pretax money.

--
Barry Margolin, barmar[at]alum.mit.edu
Arlington, MA
*** PLEASE don't copy me on replies, I'll read them in the group ***

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I have a question, if you sign up for a company FSA and
deposit say 1000.00, if you use that 1000.00 for approved
FSA items, say over the counter medications on the approved
list. Is there a limit on how much of the appoved product
you can buy and what you can do with it?

Or could someone running a small business on the side
potentially use a FSA account to purchuse items and resell
them?

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >