I have a Dr.'s prescription for a hot tub for my advanced arthritis. I will have to build a patio with a cover. Can I take all of this expense as a medical deduction?
2007-01-22 00:46:15 · 4 answers · asked by lemly 2 in Business & Finance ➔ Taxes ➔ United States
Maybe
You must reduce the expense by the increase in value of your house that the hot tub causes.
For example:
$10,000 - Cost of Hot Tub Installation
$ 8,000 - Increase in Value of the House after Installation
$ 2,000 - Net Tax Deduction
The best way to determine the increase in value is to contact a Realtor familiar with your area. If the increase in value is more than the cost, you get no deduction. Also remember, medical deductions are an itemized deduction subject to 7.5% of your income.
2007-01-22 01:00:43 · answer #1 · answered by Wayne Z 7 · 1⤊ 0⤋
Research the IRS website at WWW.IRS.GOV or call 1-800-829-3676 (1-800-TAX FORM). But generally, using a Shedule A, with the Form 1040, to itemized deductions under Medical Deductions, you are allowed to claim only the expense amount that is more than 7.5% of you Adjusted Gross Income.
2007-01-22 00:56:51 · answer #2 · answered by wdethloff 2 · 0⤊ 0⤋
pricey YY: The IRS considers it offered once you borrowed the money and took possession. Now your deduction is two elements (a million) depreciation of the kit over the anticipated existence (5 - 7) years (2) interest on the inner most loan for the kit. this can be stated on Sch C mutually such as your income. Mileage between gigs and many more effective products will decrease your taxable income. this suggestion change into prepared in accordance with our understand-how of the tax regulation in outcome on the time and the way it applies to the info that you presented. click on my profile to study more effective. Errol Quinn Enrolled Agent
2016-10-17 02:45:27 · answer #3 · answered by ? 4 · 0⤊ 0⤋
im not sure if its all,,,, as dont you add up all your medical expenses then take a percentage of that?,,,,, but yes you would count the total cost in with any other medical expenses you have,,,,,, a friend of mine was able to deduct her swimming pool, as swimming was prescribed for her back problem, get a tax booklet or contact the irs toll free number for information on it,,,,,
2007-01-22 00:51:12 · answer #4 · answered by dlin333 7 · 0⤊ 0⤋