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Submitted By: Michael
Answered: February 12, 2016 12:11 pm
Answered: February 12, 2016 12:11 pm
I had a lift installed in my van because my wife is unable to walk on her own and I need to get her wheelchair in and out. Can I deduct the cost?
The cost of adaptive equipment for a medical condition is a deductible expense. However, you must itemize and your total medical costs must exceed your applicable threshold (10% of adjusted gross income, or 7.5% of adjusted gross income if you or your spouse is at least 65 years old by the end of the year).
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Revenue ruling
A revenue ruling is the Commissioner’s “official interpretation of the interpretation of the law” and generally is binding on revenue agents and other IRS officials. Taxpayers generally may rely on published revenue rulings in determining the tax treatment of their own transactions that arise out of similar facts and circumstances.
