Re: Medical expense remoling bathroom

"Herb Smith" wrote

>> I doubt that any of the "improvements" listed would increase the >> market value of the residence, so they all should be deductible as >> medical expenses. Don't forget to add grab bars you mount on the wall >> for assistance. Check with an appraiser for a more definitive answer. >> >> The IRS's position is stated in Pub 502, which can be downloaded and >> read at
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> Medical expenses are deductible only on Schedule A, subject > to a 7.5% of AGI floor, so only the expenses that exceed > that floor get to count, and then if when combined with all > other itemized deductions they exceed the standard deduction > amount.

The 7.5% of AGI floor is the reason that it is best to pay for them through a health care or flexible spending account.

If that is not possible, consider paying for them with a Home Equity loan, i.e., the interest is deductible.

Dick

Reply to
Dick Adams
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I don't see the advantage of the loan here.

Reply to
D. Stussy

As always, it depends. Paying cash is best. But if the remodeling has to be financed, the interest is deductible under a home equity loan.

Dick

Reply to
Dick Adams

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