Are you considering a mobile stairlift purchase but wondering if the expense is tax deductible? You're not alone. With the variety of tax-deductible medical expenses, it can be tricky to keep track of what applies and what doesn't. Keep reading to learn more about whether or not a mobile stairlift could be considered a tax deduction.
What is a mobile stairlift and how does it help with mobility issues?
Mobile stairlifts are designed to serve as a safety and comfort alternative to traditional staircases for those with reduced mobility. By allowing users to remain independent, this innovative product ensures safety by automatically slowing and stopping at regular intervals, helping individuals move from one floor of their home to the next. In addition to safety, mobile stairlifts bring significant comfort when climbing stairs due to the steady, smooth ride they provide with anti-slip tracks. All of these features add up to make mobile stairlifts a favorable choice when considering an alternative climb solution.
What is a tax-deductible expense?
A tax-deductible expense is an expense that qualifies for a reduction of your taxable income. This means that the amount you spend on qualifying items will be subtracted from your gross annual income before taxes are calculated, thus reducing the amount of money owed to the government. Commonly accepted deductible expenses include medical costs, charitable donations, home mortgage interest payments and certain business expenses.
What are the requirements for something to be considered a medical expense?
In order for a medical expense to be considered deductible, it must meet the criteria set by the Internal Revenue Service (IRS):
• The expense must be related to the diagnosis, cure, mitigation, treatment, or prevention of illness.
• The expense must be medically necessary.
• The expense must not have been compensated by insurance or otherwise reimbursed.
• The expense must be documented with itemized receipts and other supporting documentation.
Other examples of medical expenses that are tax-deductible
While Mobile stairlifts often qualify as a medical expense that can be deducted from one's taxes, they are not the only medical expenses that one can deduct. Other medical expenses that meet certain criteria set by the IRS often also qualify for tax deductions. These may include health permanently installed stairlift, insurance premiums, prescription medications, certain types of long-term care traditionally done in a hospital or nursing home like at-home nursing services, and even transportation necessary for up to two adults accompanying a patient to receive medical care. Additionally, when the cost of any medically required home renovations exceeds the added value to said home, one may also be able to deduct those costs from their taxes. Finally, depending on their state of residence and estimated annual income, taxpayers may also be eligible for tax credits for out-of-pocket expenses related to healthcare.
Does a mobile stairlift qualify as a tax-deductible medical expense?
The answer depends on your individual circumstances. A mobile stairlift that is medically required to help a person move between different levels of their home or office can provide several tax deductions. To be eligible, the lift must be prescribed by the person's medical provider due to an illness, injury, or disability, and it must also fall within the requirements of the Internal Revenue Service to qualify as a medical expense. Additionally, the item must not be already covered by an insurance provider. Once these conditions are fulfilled, claiming a mobile stairlift can be greatly beneficial for those who need assistance with mobility issues in their home or place of work.
In conclusion, it’s possible that a mobile stairlift could qualify as a tax-deductible medical expense depending on your individual circumstances. Speak with your healthcare provider and/or a tax professional to ensure you understand all of the applicable requirements before making any decisions. If you are looking for an alternative to traditional stairs that helps you remain independent in your home while improving safety and mobility issues, then investing in a mobile stairlift might be an ideal solution – and potentially even tax-deductible!
If you are unsure which Mobile Stairlift is right for you please take our easy guide or click below to get in touch with our experts!
