Tax Deduction Consulting: Spa Medical Deductions Hockessin DE
Title: Certified Financial Planner"
Company: Morgan Stanley Smith Barney
Years Experience: 8
Captive Insurance,Life Settlements,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rol
New Castle, DE
Life Strategies, LLC
Years of Experience: 8
IARFC, FPA, SFSP
Invoice, Estate Planning, Retirement Planning, Tax Planning, Charitable Planning, Asset Protection, Compensation Plans
Heritage Advisory Services, Inc.
Years of Experience: 21
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CommOptions, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, BuySell, Compensation Plans
Company: Curry Poole Group, LLC
Investment Advisor Rep: Yes
Registered Investor: Yes
Years Experience: 42
Pension for Highly Compensated Owners,Stock Market Alternative,Reverse Mortgage,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Portfolio Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Man
Diversified Financial Consultants
Years of Experience: 34
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Asset Protection, Compensation Plans
Tax Deduction Consulting: Spa Medical Deductions
Claim Spa Medical Deduction
If your doctor gives you a written recommendation for frequent swims or soaks, you can claim your Spa or pool as a Medical Deduction.
If you are suffering from a medical condition such as Arthritis and your doctor has suggested that you could find relief via soaks in a hot tub, spa, or pool, but the expense of such a project makes it difficult, there is hope. The Internal Revenue Service might end up giving you a helping hand. The cost of a Spa when used for medical reasons is a possible valid medical deduction from your income taxes.
There are a few catches, of course. The spa or pool must be used primarily for a verified medical purpose for either you or one of your dependents. This does not mean that others may not use and even enjoy using it, but the primary purpose has to be for a medical reason. The deduction will be for the initial cost of installation and for maintenance. The maintenance amount is deductible year after year. When figuring the cost of the installation, the IRS will only allow the basic and most simple costs. In other words, if you decide on something that is fancy and non-standard like imported Italian tile, the extra cost will be deducted from the allowable deduction amount.
It is also important to be aware of the availability of a similar public Spa or pool in your immediate area. If one that could be used just as easily is near by, the IRS might disallow the deduction. You also have to be aware of any increase to the value of your home by the addition of the pool or spa. If a pool costs $25,000, for example, and raises the assessed value of your home by $10,000, only $15,000 would be allowed as a deduction.
Another consideration is the total of your other medical expenses. The IRS uses a deductible that works much like your medical insurance policy. It will not allow deductions that do not exceed 7.5% of your adjusted gross income. So, this figure must be calculated when viewing the feasibility of ...