Submitted By: Charles
Answered: May 22, 2015 3:02 pm

I installed a walk-in tub because of my poor gait. It was prescribed by my doctor. Is it deductible?

Home improvements for medical reasons are tax deductible, but only to the extent that they do not increase the value of the home. Consult with a realtor to make this determination. Note: Improvements to accommodate a disability (e.g., a ramp for wheelchair access) are deductible without regard to any increase in property value.

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Tax Glossary

Holding period

The length of time that an asset is owned and that generally determines long- or short-term capital gain treatment.

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