Did you know that there are ways that U.S. homeowners can use medical-related home renovations and improvements to minimize their taxes? As we approach the 2015 tax filing deadline, we turned to the experts at TurboTax for advice on tax advantages* associated with medical-related home renovations:
Improvements that qualify as medical expenses
“Improvements to your home can be deducted from your income as medical expenses if they are medically necessary. The cost of installing entrance or exit ramps, modifying bathrooms, lowering cabinets, widening doors and hallways and adding handrails, among others, are home improvements that can be deducted as medical expenses. But the deduction amounts must be reasonable, given their medical purpose, and expenses incurred for aesthetic or architectural reasons cannot be deducted. In other words, making a residence wheelchair accessible qualifies, but adding a sculpture garden does not. Additionally, any amounts spent for these improvements that increase the value of your home cannot be claimed as a medical related expense.”
Always consult your licensed tax professional prior to scheduling any medical-related renovation project to review your specific tax advantages and what supporting documentation you will need.
When you require home renovations of any type, call the experts at Handyman Connection. Our work is performed by experienced craftsmen who walk you through the process every step of the way for a simple and seamless experience. Our goal is your complete satisfaction. Count on us to deliver quality workmanship and superior customer service.