Originally Posted by
Georgebowen
This was added to section 213(b) for where funds can be used. I beleive this means you can use $1k towards a bike. But NOT sports apparel.
[*]`(iii) for equipment for use in a program (including a self-directed program) of physical exercise or physical activity.[*][*][*]`(B) OVERALL DOLLAR LIMITATION- The aggregate amount treated as qualified sports and fitness expenses with respect to any taxpayer for any taxable year shall not exceed $1,000 ($2,000 in the case of a joint return or a head of household (as defined in section 2(b))).
`(D) LIMITATIONS RELATED TO SPORTS AND FITNESS EQUIPMENT- Amounts paid for equipment described in subparagraph (A)(iii) shall be treated as a qualified sports and fitness expense only--
`(i) if such equipment is utilized exclusively for participation in fitness, exercise, sport, or other physical activity programs,
`(ii) if such equipment is not apparel or footwear, and
`(iii) in the case of any item of sports equipment (other than exercise equipment), with respect to so much of the amount paid for such item as does not exceed $250.
This is a good example of not getting your tax advice on the internet. What was posted here IS NOT TAX LAW. It is part of a proposed bill, H.R. 2105: Personal Health Investment Today Act of 2009. This bill has only been introduced and referred to comittee back in April and has not made any progress since. You can check yourself at:
http://www.govtrack.us/congress/bill.xpd?bill=h111-2105
Remember your Schoolhouse Rock kids, "I'm only a bill, and I'm sitting here on Capital Hill...."