Stair lifts are one of the most popular modifications made by homeowners who want to age in place. They can ensure continued independence for those with limited mobility, improving safety and confidence while providing a reliable means of access to all the floors in their house. Stair lifts are not, however, inexpensive. Prices range from $2,500 for a straight model, to over $10,000 for lifts designed to accommodate L-shaped and other more complexly configured staircases. For thousands of homeowners annually, the investment is well worth the cost, but there are ways to make a stair lift more affordable. For instance, in some cases, the money you spend on this home modification may be tax deductible. Whether or not your lift qualifies will depend on a couple of factors.
First, it’s important to understand the difference between the terms “durable medical equipment” and “capital expenses” when considering the tax deductibility of a stair lift. Durable medical equipment (DME) is defined as a specific type of medical equipment that doctors recommend to patients in order to prevent or mitigate the consequences of a disability or illness. Common examples of DMEs are walkers and wheelchairs, both of which are tax deductible.
Stair lifts, on the other hand, are considered capital expenses. Broadly speaking, this is an expenditure intended to improve your home for any reason. You may consider a lift medically necessary for you or a loved one, but for it to be tax deductible, a doctor must provide written documentation that it’s a medical necessity. Basically, you need a prescription for your stair lift. Once this is obtained, you should be able to claim the cost of your stair lift on your next tax return. If you’re still unsure, your tax accountant will be able to provide further details.
The Barrier Free Store is the company to turn to top-of-the-line Bruno stair lifts. Headquartered in Marquette, we are a Certified Aging-in-Place Specialist (CAPS) providing a wide range of products and services for our neighbors across the Upper Peninsula. Contact us today to schedule a complimentary home assessment and consultation.