We’re proud of our reputation for working with Next Day Access customers to offer the best possible price and financing on our many products and quality installation. Next Day Access of San Antonio, your locally-owned and locally-operated leader in home accessibility solutions, knows that modifications to a dwelling to improve accessibility can be expensive.
We may be able to help your save a bit more. We’re not accountants, but we do know this: With the April 15 federal tax deadline two short months, your improvements for purposes of accessibility may qualify for a deduction.
Did you have expenses over the past year on home modifications or to install special equipment to mitigate a disability or medical condition? You might be able to recoup some, if not all, of those costs. The federal government and a number of states offer tax incentives for individuals making accessibility modifications to their home.
Please check with your tax professional before taking deductions. Here are a few quick items to consider:
*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 primary residence, 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 San Antonio) 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 more to this and Next Day Access of San Antonio wants you to know that tax relief may be available for many of the products we proudly sell and install.