Next Day Access knows that modifications to a dwelling to enhance accessibility can be expensive. We always work with our customers to offer the best possible prices and financing.
We’re not accountants, but we do know this: 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 costs. Both 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 or accountants, so please check with your tax professional before you move forward. But here are some things to consider as your prepare your tax information:
*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 an elevator or stair lift from Next Day Access) 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 wants you to know that there is tax relief available for many of the products we so proudly sell and install.