stair lift - medical deduction?


J

Jane

I am having a stair lift installed. My doctor will be
signing a form of medical necessity so that I don't have to
pay state taxes.

Is this a medical deduction for federal taxes?

thanks

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B

Benjamin Yazersky CPA

Jane said:
I am having a stair lift installed. My doctor will be
signing a form of medical necessity so that I don't have to
pay state taxes.

Is this a medical deduction for federal taxes?
When you say state taxes, do you mean state sales tax? or
income tax? or something else?

It may be a federal tax deduction as an itemized expense.
But you have to be careful in this area if what you are
doing increases the value of the house.

You should consult your own CPA/tax advisor exactly how this
works in your situation.

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----

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<< The foregoing was not intended or written to be used, >>
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A

Arthur Kamlet

Jane said:
I am having a stair lift installed. My doctor will be
signing a form of medical necessity so that I don't have to
pay state taxes.

Is this a medical deduction for federal taxes?
Yes, to the extent it does not increase the value of the
home.

Example: Install a $12,000 item required for medical
necessity. The value of the home is increased by $3000.
Your medical deduction is $9,000.

--

ArtKamlet at a o l dot c o m Columbus OH K2PZH

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P

Phil Marti

Jane said:
I am having a stair lift installed. My doctor will be
signing a form of medical necessity so that I don't have to
pay state taxes.

Is this a medical deduction for federal taxes?
Yes, minus the increased valued of the home. See IRS
Publication 502.

--
Phil Marti
Clarksburg, MD

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
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D

Dick Adams

Jane said:
I am having a stair lift installed. My doctor will be
signing a form of medical necessity so that I don't have to
pay state taxes.

Is this a medical deduction for federal taxes?
As others have or will point out to you, it's a Schedule A
deduction less 7.5% of you AGI.

I'm planning to install railings in my hallways and in my
bathrooms because I have a morbid fear of falling (all of
my injuries have been due to falls). Some will be done in
December to clear out Susan's healthcare spending account.
The remainder will be done in January to go against 2008's
healthcare spending account.

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
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J

Jane

When you say state taxes, do you mean state sales tax? or
income tax? or something else?

It may be a federal tax deduction as an itemized expense.
But you have to be careful in this area if what you are
doing increases the value of the house.

You should consult your own CPA/tax advisor exactly how this
works in your situation.
I mean state sales tax.

I was told by a realtor that if anything it will decrease
the value of my home because it is an eyesore.

Moderator:
Getting tax advice from a realtor is like getting medical
advice from a bartender.

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
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<< that may be imposed upon the taxpayer. >>
<< >>
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<< are at www.asktax.org. >>
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B

Bill Brown

Phil Marti said:
Yes, minus the increased valued of the home. See IRS
Publication 502.
**BEGIN QUOTE**

Certain improvements made to accommodate a home to your
disabled condition, or that of your spouse or your
dependents who live with you, do not usually increase the
value of the home and the cost can be included in full as
medical expenses. These improvements include, but are not
limited to, the following items.

Installing porch lifts and other forms of lifts (but
elevators generally add value to the house).
**END QUOTE**
[Source: IRS Publication 502, Medical and Dental Expenses, p 6]

I believe the OP's full dollar expenditure will be
deductible as a medical expense on Schedule A. Of course,
the OP has to have unreimbursed medical expenses in excess
of 7.5% of adjusted gross income and total itemized
deductions in excess of her standard deduction to get any
tax benefit.

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
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D

DF2

Yes, to the extent it does not increase the value of the
home.

Example: Install a $12,000 item required for medical
necessity. The value of the home is increased by $3000.
Your medical deduction is $9,000.
When we sold a home with a stair lift, the real estate agent
said we should remove it before showing the house. We asked
if it might not be a positive. The agent said that most
people who would need a stair lift would buy a house without
stairs.

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>
 
S

Stuart Bronstein

Jane said:
I was told by a realtor that if anything it will decrease
the value of my home because it is an eyesore.

Moderator:
Getting tax advice from a realtor is like getting medical
advice from a bartender.
As they say at the self-service hospital, suture-self.

Stu

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
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S

Seth

Jane said:
I was told by a realtor that if anything it will decrease
the value of my home because it is an eyesore.

Moderator:
Getting tax advice from a realtor is like getting medical
advice from a bartender.
However, getting real estate valuation from a realtor isn't
such a bad idea. (I'd still get something in writing from
an appraiser, just to be safe; also, if the value has
dropped, that can be provided to the real estate tax office
to lower those taxes.)

Seth

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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
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<< to this newsgroup as well as our anti-spamming policy >>
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D

Dick Adams

I wrote earlier that the cost of the chair lift might be
reimburseable under an FSA. I read through Susan's Benefits
book and did not find that.

Am I correct or incorrect? This is important to me as I am
now a "kept man." <g>

Dick

<< ------------------------------------------------------- >>
<< The above is intended for educational purposes only. >>
<< It does NOT constitute legal OR professional advice. >>
<< It cannot be used by any taxpayer, for the purpose of >>
<< the purpose of avoiding penalties that may be imposed >>
<< upon the taxpayer. >>
<< >>
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<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
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H

Harlan Lunsford

Moderator:
Getting tax advice from a realtor is like getting medical
advice from a bartender.
unless of course the bar's "Doc" prescribes an 18 year old
Macallan versus that rotgut you drink! (grin)

ChEAr$,
Harlan Lunsford, EA n LA

Moderator:
My apologies. In a moment of thinking taxes, my mind
failed to recall that alcohol is for medicinal purposes.

Rotgut? Stone Brewing in Kal-E-forn-ya make a fabulous
India Pale Ale they named with you and me in mind -
Arrogant Bastard Ale. It's worth the price!

It's heavily hopped and thick with malt. You can have
a pint and call it lunch!

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
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B

Bill Brown

Dick Adams said:
I wrote earlier that the cost of the chair lift might be
reimburseable under an FSA. I read through Susan's Benefits
book and did not find that.

Am I correct or incorrect? This is important to me as I am
now a "kept man." <g>
Anything that is deductible on Schedule A as a medical
expense could be reimbursable through an FSA. However, an
employer can choose to have reimbursement rules that are
tougher than required by federal tax law.

So, the ones to ask are the administrators of your keeper's
FSA. :)

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
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