When are stair lifts tax deductible? Benefits and eligibilty

Did you know that the cost of a stairlift may sometimes qualify for a tax deduction? According to U.S. tax law, certain expenses related to accessibility and home modifications can be considered deductible.

Staying in the home you love — or helping a loved one remain there — can sometimes require additional expenses. Fortunately, you may be able to recover part of your investment by deducting eligible costs when filing your taxes.

The IRS allows certain durable medical equipment (DME), such as walkers and wheelchairs, to be deducted if prescribed by a doctor. However, stairlifts are not considered DME.

Instead, stairlifts may qualify under a different category called “capital expenses.” This refers to home improvements made to accommodate accessibility needs.

A stairlift may be considered a tax-deductible capital expense if it is installed specifically to improve accessibility in the home and is prescribed by a medical professional.

Keep in mind that:

• Improvements made purely for personal preference are not deductible.

• A doctor’s note or prescription is typically required.

• The expense must primarily support accessibility for you, your spouse, or a dependent.

When filing your taxes, you’ll need to document accessibility-related expenses as part of your itemized deductions. This means keeping receipts and paperwork from your stairlift purchase and installation.

You may also want to consult a tax professional to ensure you’re following current IRS guidelines and maximizing any deductions available to you.

For reference:

• In 2018, medical expenses exceeding 7.5% of adjusted gross income (AGI) were deductible.

• Starting in 2019, the threshold increased to 10% of AGI.
  
  

If stairs are becoming more difficult, you may be considering whether it’s time to move. But with the right accessibility solutions, you could continue enjoying the comfort and memories of your own home.

At Stannah, we design stairlifts to make daily life more accessible and convenient. And by understanding the tax rules around home improvements, you may be able to recover part of your investment when filing your taxes.

If you’d like to learn more, call us today. Our advisors are here to answer your questions and guide you through our stairlift options.