Whether you are planning to grow old in your house or you’re inviting an older friend or family to live with you, you may need to remodel your home to make it more accommodating. Widening the doorways to accommodate wheelchairs and installing stair lifts are a few of the changes that can make your home more comfortable for individuals with limited mobility. Fortunately, you may not be on the hook for all of the costs associated with your medically-related alterations. Here is what you need to know about tax write-offs for medical-related remodeling.
Common Deductions for Handicapped Improvements
Generally speaking, any home addition or improvement that was made solely for medical purposes is eligible for a tax write-off. Wheelchair ramps, stair lifts, and special handrails are among the most common improvements that accommodate a handicapped condition. Other improvements include widening of doorways, lowering kitchen cabinets, lowering light switches, and making the bathrooms more handicapped accessible.
Requirements for Tax Write-Offs
In order to deduct the cost of medical-related remodeling, your write-offs must exceed 7.5 percent of your annual adjusted gross earnings. If you are facing a long-term or permanent medical condition, try to make all of your home improvements in one calendar year to maximize your potential deductions.
Necessary Documents and Paperwork
Medical-related home improvement write-offs require Schedule A itemization. If you establish a legitimate full-time or part-time home business to take advantage of additional credits under the Americans With Disabilities Act, you must also file Form 8826. Keep your doctor’s prescription for the improvements written on official letterhead.
For increased home mobility, contact Williams Lift Company. Our affordable stair lifts offer a long list of standard features usually found only on more expensive pieces of equipment. We also offer permanent and temporary wheelchair ramps. Visit our website to learn more about our lifts and ramps, or call us today at (908) 322-7070 to schedule an in-home consultation.