Short of having designers/architects/builders that can predict the future; it can be hard to stay at home as one ages and takes on life's challenges. Whether it be the big split level home you can't quite traverse as easily due to Arthritis or a way to get you and your new wheel chair in the house, there are some ways to make needed renovations cost efficient>>>>
1) Check with local municipalities to see if they offer any financial assistance for medical renovation programs. Many may have grant or low interest loan opportunities that can be utilized to subsidize cost.
Click Here to play local news story on city assistance programs
*Contact your local municipality to see if they offer such programs.
2) Lets get a tax break to help subsidize improvements: While medically needed improvements can be deductible as capital expense there are some restrictions. JKLasser offers this illustration, “Say your doctor prescribes swimming to alleviate a back condition and you install an in ground pool. The pool costs $15,000 and increases the value of your home by $10,000, so $5,000 (the amount that does not increase value) is a deductible medical expense.” (depositaccounts.com) To get most bang for your buck, focus on improvements that do not raise value of home substantially like:
3) Don't be afraid to use health savings account dollars for updates. Most medical related home updates can be payed for using HSA and FSA account dollars. Always best to confirm directly with provider.
These steps can help you stay in your home and afford needed improvements.
1) Check with local municipalities to see if they offer any financial assistance for medical renovation programs. Many may have grant or low interest loan opportunities that can be utilized to subsidize cost.
Click Here to play local news story on city assistance programs
*Contact your local municipality to see if they offer such programs.
2) Lets get a tax break to help subsidize improvements: While medically needed improvements can be deductible as capital expense there are some restrictions. JKLasser offers this illustration, “Say your doctor prescribes swimming to alleviate a back condition and you install an in ground pool. The pool costs $15,000 and increases the value of your home by $10,000, so $5,000 (the amount that does not increase value) is a deductible medical expense.” (depositaccounts.com) To get most bang for your buck, focus on improvements that do not raise value of home substantially like:
- Constructing ramps to a dwelling to help persons in wheelchairs.
- Widening interior and exterior doorways to accommodate wheelchairs.
- Widening or otherwise modifying hallways to accommodate wheelchairs.
- Installing railings, support bars, or other modifications to bathrooms.
- Lowering or modifying kitchen cabinets or equipment to accommodate wheelchairs.
- Moving or modifying electrical outlets.
- Installing lifts (excluding elevators, which might add to a home’s fair market value).
- Modifying fire alarms, smoke detectors, or other warning systems.
- Modifying stairs.
- Installing handrails and grab bars, whether or not in bathrooms.
- Modifying door hardware.
- Modifying areas in front of entrance and exit doorways.
- Grading of ground for better access to the residence.
3) Don't be afraid to use health savings account dollars for updates. Most medical related home updates can be payed for using HSA and FSA account dollars. Always best to confirm directly with provider.
These steps can help you stay in your home and afford needed improvements.
Content References:
http://www.irs.gov/publications/p502/ar02.html#en_US_2012_publink1000179059
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