TAX SAVINGS

 

There may be some tax benefits with the purchase of a Home Elevator, Stairway Chair Lift, Porch Lift or a Modular Ramp System.  You may qualify for some tax benefits if you are installing any of these products due to a medical necessity.

 

If you can obtain a doctor's letter stating that the Home Elevator, Stairway Chair Lift, Porch Lift or Modular Ramp System is a medical necessity or required for other medical reasons the owner may have the ability to write off a portion of the purchase from their federal income tax.

 

The tax law currently reads medical expenses are deductible to the extent for those expenses only above 7.5% of adjusted gross income, with certain other restrictions.  Therefore, medical expenses above 7.5% would be eligible for deduction.

 

See IRS Publication 502 (Medical and Dental Expenses)

With all tax considerations, we advise you to consult your tax accountant/attorney to determine individual qualification for deduction.

Plus you may be eligible for NYS Sales Tax refund on Ramps.