Tax Relief for Fitness: Deducting Gym Memberships and Sports Equipment Costs.
This bill amends the Internal Revenue Code of 1986 to treat amounts paid for physical activity as amounts paid for medical care. This means costs such as fitness facility memberships, sports instruction, and certain equipment can be recognized as qualified sports and fitness expenses. The annual limit is $1,000 per taxpayer or $2,000 for joint returns or heads of household.
Key points
Fitness and sports expenses (like gym memberships and instruction fees) are treated as amounts paid for medical care.
The annual spending limit eligible for this treatment is $1,000 for individuals and $2,000 for joint filers or heads of household.
The qualification covers sports equipment and apparel (if necessary and used exclusively for the activity), with a $250 cap on single items of sports equipment (excluding exercise equipment).
Expired
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