Our customers know we are always prepared to offer the best possible prices and financing on our fine line of products and our installation services. Next Day Access of Detroit, your locally-owned and locally-operated leader in accessibility solutions, understands that modifications to a dwelling to enhance accessibility can be expensive. We’re not accountants, but we do know that home accessibility solutions may qualify for a tax credit. With April 15 two short months away, your improvements for purposes of accessibility may qualify for a deduction.
Did you incur expenses during the last year on home modifications or to install special equipment to mitigate a disability or medical condition? It is possible you may be able to recoup some – if not all – of those expenditures. The federal government and many states offer tax incentives for individuals making accessibility modifications to their home.
Remember, we at Next Day Access are not tax experts, so please check with your tax professional before you move forward on deductions. But here are some things to know:
*Costs to implement accessibility modifications in your home are an eligible medical deduction on your federal income tax under “Medical and Dental Expenses.” You may deduct only the amount of eligible medical and dental expenses that is more than 7.5 percent of your adjusted gross income.
As part of those medical expenses, you may include amounts paid for special equipment installed in a home, or for other modifications if their main purpose was medical care for you, your spouse, or a dependent.
*The cost of permanent improvements (such as elevators or stair lifts from Next Day Access of Detroit) that increase the value of your property may be partly included as a medical expense. The cost of the improvement is reduced by the increase in the value of your property. In other words, the difference is a medical expense.
There’s plenty of more to this and Next Day Access of Detroit wants you to know that there may well be tax relief available for many of the modifications you made to your home.