The IRS May Allow You a Medical Tax Deduction for Home Elevators when they are Prescribed as Medically Necessary

January 6th, 2015

If you are one of the more than 20% of Americans with disabilities, or one of the up to 40+ million aging baby boomers today, which will swell to over 83 million by the year 2050, listen up! The U.S. Internal Revenue Service's Website provides a comprehensive list of items which are tax deductible as a health deduction on your income tax, which you could use to help recoup at least a portion of your remodeling expenses. Whether you are considering the addition of safety bars in the bath, widening your bathroom doorway for a wheelchair, adding a ramp from your garage, or an elevator to the second floor, these are deductions you want to consider!  

The home improvement market is now a $214-billion-a-year industry and this is due at least in part, to the aging baby boomer population! A recent study from Harvard University shows that the home remodeling industry is at least partially responsible for the increase in the country's economy. Since the U.S. Census bureau reports that up to 86% of baby boomers have full intention of retiring and aging in their own home, this booming home improvement market is sure to grow respectively along with the ranks of the aging boomers.

"Home improvements that provide a medical benefit. Deductions have been allowed for an elevator for a person with a heart condition . . ."

Remi Home Elevators is one of America's oldest and most trusted home elevator manufacturers, helping thousands of individuals to live a higher quality of life in the homes that are so dear to them. . If you have questions about a residential elevator for your home contact us.

While you will want to discuss these IRS deductions with your own accountant, Remi Home Elevators can help by putting our decades of experience to work for you! We can help by answering your questions about residential elevators, and by directing you to the information you need to know to get the best deal on a home elevator.

Sources:
http://www.bankrate.com/brm/news/real-estate/improving.asp
http://www.irs.com/articles/deduct-those-medical-expenses

 

 

Posted by REMI Home Elevators  | Category: home elevator

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