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Tax Deductions for Home Renovations for Senior Citizens
- As a senior citizen, there are specific deductions that you can claim on your income tax. A standard deduction is available to all taxpayers and allows you to deduct a specific amount of money from your taxes. An itemized deduction is a claim for specific expenses you have had during the year. As a senior, some of the common deductions you can itemize are medical expenses and certain home improvement expenses.
- Some home improvements you have as a senior qualify for tax deductions. However, the nature of the improvement you have done to your home is important in determining whether you qualify for a home improvement deduction or not. "Home repairs" are not tax deductible expenses. A home repair is any simple and minor expense you incur by repairing broken items in your home. If the repair requires a replacement of something old for something new that helps your house to be more efficient, then you might be able to count it as a deduction.
- According to the IRS document "Publication 554 - Tax Guide for Seniors," you can deduct any medical expenses that you pay for home improvements if they are related to medical care for you, your spouse, your children or another dependent. Costs that you incur by accommodating a home to better suit your disabled or medically limited condition are considered medical care costs. Costs you have on house improvement for personal reasons, such as to beautify your home, are not medical expenses and cannot be included in your home improvement deductions related to medical expenses.
- If you have recently become reliant upon a wheelchair, your house probably is not structured in such a way that you can comfortably and easily move around in a wheelchair. Some of the changes or improvements you need to perform in your house to make it easier for you to move around and perform daily tasks are eligible as home improvement deductions. In this case, these deductions include expenses you have incurred by adding elevators, lowering kitchen cabinets, widening doorways, installing bathroom handrails, adding wheelchair ramps and lowering light switches. These expenses may also be related to your spouse, children or a dependent in a wheelchair.
- If a doctor has recommended that you perform certain changes or improvements on your house because of breathing problems that you, your wife, your children or a dependent might have, you can count these expenses as deductions. Such expenses might include an air filtration system, installation of central air conditioning, and relocation and replacement of drywall that may be damp and moldy.
- Other physical conditions that require special rehabilitation treatments could also count as home improvement deductions if they specifically relate to a disease or a bad physical condition. However, these must have been recommended by your doctor. Such expenses include things like hot water spas and therapeutic swimming pools.
Eligible Home Improvements
Home Improvement as a Medical Expense
Home Improvements for Wheelchairs
Home Improvement Due to Breathing Problems
Other Reasons for Home Improvement
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