Submitted By: Michael
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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Tax Glossary

Keogh plan

Retirement plan set up by a self-employed person, providing tax-deductible contributions, tax-free income accumulations until withdrawal, and favorable averaging for qualifying lump-sum distributions.

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