Following the U.S Tax Code, several medical expenses are income tax-deductible, and believe it or not, stairlifts may qualify as a tax-deductible expense. As the leading provider of stairlifts in Philadelphia, we’ve created this piece to inform you about the home improvements and medical expenses that are tax-deductible, and how your stairlift could fit into the picture.
If you have had your medical stairlift added to your home based on a doctor’s instructions, then proving that your stairlift fits the requirements of being “medically necessary” will not be an obstacle. If not, it might be a bit tougher.
Home improvements can only be classified as “medically necessary” if it can be proven that it physically improves the lives of its residents to the point where they would be hindered without it. If you stairlift does not serve this purpose, it won’t be eligible for tax deductions. The same goes for any repairs or maintenance on your stairlift – if physical health and ability would be severely hindered by not having the repairs done, only then could it qualify for a tax deduction.
The most important factor to consider here goes back to your medical expenses. Based on how you are filling these out and how much in expenses you’re putting down when filing your taxes, you might be eligible for different amounts deducted. Last year, taxpayers could list all of their qualified medical expenses as tax-deductible as long as they exceeded 10% of their AGI (adjusted gross income).
The other factor to keep in mind is the idea of itemized deductions. When you are filing your taxes, you can choose these as opposed to standard deductions, which are what you should be putting your stairlift down under when applying for a tax deduction. This way, you are subject to receive the benefits that you are entitled to if your stairlift is, in fact, medically necessary for your home.
If you require more information on how we can help you stay comfortable in your home, get in touch with us today.