IRS Allows Tax Breaks for Buyers of 23andMe Genetic Tests

Buyers of 23andMe Inc.’s genetic-testing kits will now have an easier time paying for the service with tax-advantaged health accounts after a favorable IRS ruling.

The decision offers more clarity to consumers and reduces the cost of the company’s service. It also highlights differences between the tax law’s permissive definition of medical care and health regulators’ more restrictive approach to direct-to-consumer testing products.

You can read the full story in an article in an article by Katherine Ellen Foley in the QZ.com web site at: http://bit.ly/2JM5b4F.

3 Comments

While for most consumers this is going to be a trivial contribution to “medical expenses”, and not likely to result in a lower federal income tax bill for those who still qualify for “itemized deductions”, I wouldn’t want to assume that this ruling will stand the test of time! The possibility that the cost will qualify as an itemized deduction and perhaps lead to a slightly lower tax bill doesn’t seem like a very good reason to take a DNA test.

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What about MyHeritage?

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