Can you deduct the cost of a stair lift? Please consult your tax preparer regarding the following information.
All tax payers can deduct medical expenses that exceed 7.5% of their adjusted income.
Capital Asset-Medical Deduction. A capital asset can be deductible as a medical expense if the expenditure has as its primary purpose the medical care of the taxpayer, his spouse, or his dependent. The stair lift must have a relation to the disabled person. If the expenditure is a property improvement, only the portion that exceeds the increase in the property’s value may be claimed.
There are tax breaks for the disabled. A disabled person can deduct extra items including stair lifts.