Tax season is upon us, and we all are happy to discover additional deductions that we qualify for. Did you know that your Best Bath shower may be tax deductible? If you are purchasing an ADA compliant shower out of medical necessity, it may be considered a tax deductible expense. It is also not necessary that you own your home; renters may be eligible, as well.
According to the IRS website:
“You can include medical expense amounts you pay for special equipment installed in a home, or for improvements, if their main purpose is medical care for you, your spouse, or your dependent. The cost of the permanent improvements that increase the value of your property may be partly included as a medical expense. The cost of the improvement is reduced by the increase in the value of your property. The difference is a medical expense. If the value of the property is not increased by the improvement, the entire cost is included as a medical expense.”
Of course, we recommend you keep all receipts and contact your tax professional to see if you qualify for this or other tax exemptions. And you may need to have an appraiser assess any change in your home’s value. But it could be worth it – if you need to make a home modification out of medical necessity, you may be one of millions of Americans who qualify for the type of deduction described above, saving you a significant amount of money in the end.
One of the most beneficial home modifications for your home–and your safety–is installing a low-threshold walk-in or roll-in shower. A barrier free shower is particularly important because it is ADA-compliant and is specifically designed to help those with limited or handicapped mobility. Some Best Bath units have beveled thresholds less than 2 1/4″ high to allow for wheelchair access, if needed. As with many other Best Bath shower or walk-in tub units, barrier-free showers can be personalized according to your needs and can be custom-colored to match your home’s decor.
Simply being informed may save you hundreds of dollars. Contact us today for more information about a possible tax exemption for a Best Bath barrier-free shower or walk-in tub.