As the law currently reads; medical expenses are deductible to the extent for those expenses only above 7.5% of income, with certain other restrictions. Therefore, medical “expenses” above 7.5% would be eligible for deduction.
Example:
The homeowner has a yearly income of ~$150,000 and normal “other” medical expenses for that year of ~$5,000.
Cost of elevator ~$20,000 that qualifies with a doctor's note the owner could write off for tax purposes enough dollars to have a heavily discounted net purchase price as follows:
Income $150,000 x Medical expense factor 7.5% = $11,250
Medical Expense ($20,000+$5,000)- Factor $11,250 = $13,750
Net cost of the elevator of approximately $6,250 ($20,000-$13,750)
As with all tax considerations, we advise that you consult your tax accountant / advisor to determine your individual qualification for
the deduction.
Points worth remembering:
 Residential elevators do not depreciate. They appreciate.
 A residential elevator will not only enhance your home and benefit your family, but will also increase the value of your home each year.
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