There may be some tax benefits associated with the purchase of a home elevator that should be considered by all who are considering the installation of a home elevator due to medical necessity. If you, the purchaser, can obtain a doctor's letter stating that the elevator is a medical necessity or required for other medical reasons the owner may have the ability to write off a portion of the investment in the year purchased from their federal income tax, subject to the follow restrictions.
	Here's How it Works
	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.