Video Tips: A Brief Look at the Tax Deduction for Medically-Related Home Improvements
As America’s population ages, many taxpayers are making home modifications to help prevent falls or accommodate age-related infirmities. While home improvements generally are not tax-deductible, a medical expense deduction for medically necessary home modifications may be claimed for costs that exceed any resulting increase in the home’s value. To benefit, the taxpayer must itemize deductions and have total medical expenses that exceed 7.5% of the taxpayer’s AGI.
