The simple addition of a ramp or handrail may seem like a tiny home modification, but to a person who needs that feature to safely access all areas of their home, the feature may be a substantial, positive life change.
Unfortunately, the expenses associated with installing home modifications and other special equipment can be limiting. What many people do not realize, however, is that these costs are considered medical expenses, and can be tax deductible. The team at Taxation Solutions, Inc. can work with you to help you claim any medically necessary changes you make to your home.
However, it is important to remember that because some changes may increase your home’s value, the costs may only be partially deductible. Our team can assist you in the process to determine what is deductible and what is not.
Some of the changes that may be totally or partially covered include:
- Adding handrails or grab bars
- Constructing entrance or exit ramps
- Grading the ground to provide access to the residence
- Installing porch lifts and other forms of lifts
- Installing railings or support bars
- Lowering or modifying kitchen cabinets and equipment
- Modifying doorways, doors, stairways, warning systems, and electrical features
Everyone deserves a safe home that can accommodate their physical needs. If you have had to make modifications to your home for medical purposes for yourself, a spouse, or a dependent—or you suspect a future need to do so—the team at Taxation Solutions, Inc. can help. Our team has more than 40 years of experience working with medical modification deductions, and understand the possibilities and limits inherent in the process.
You can’t always foresee medical issues, but tax-deductible home modifications can help make everyday living safer and more comfortable.