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Tax Deduction Consulting: Spa Medical Deductions Hockessin DE

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.

Keith Al-Chokhachy, Certified Financial Planner(tm)
2751 Centerville Road
Wilmington, DE
Company
Title: Certified Financial Planner"
Company: Morgan Stanley Smith Barney
Years Experience
Years Experience: 8
Service
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

Data Provided by:
Bill Curry
1521 Concord Pike
Wilmington, DE
Company
Company: Curry Poole Group, LLC
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
BS
MBA
JD
Years Experience
Years Experience: 42
Service
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

Data Provided by:
Brian K. Lureen (RFC®), CHFC, CLU
(610) 889-2066
5 Great Valley Pkwy Ste 334
Malvern, PA
Company
Heritage Advisory Services, Inc.
Qualifications
Education: BS
Years of Experience: 21
Membership
IARFC, FPA
Services
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

Data Provided by:
Eller Tax Service
(302) 656-4787
2303 Lancaster Ave
Wilmington, DE
 
Eller Michael Income Tax Service
(302) 652-5916
724 N Union St
Wilmington, DE
 
Joan L. Sharp (RFC®), CFP, CHFC, MSFS
(302) 324-5363
42 Reads Way
New Castle, DE
Company
Life Strategies, LLC
Qualifications
Education: BAMSFS
Years of Experience: 8
Membership
IARFC, FPA, SFSP
Services
Invoice, Estate Planning, Retirement Planning, Tax Planning, Charitable Planning, Asset Protection, Compensation Plans

Data Provided by:
Frank M. Levy (RFC®), CHFC, CLU
(302) 765-3500
205 Philadelphia Pike
Wilmington, DE
Company
Diversified Financial Consultants
Qualifications
Years of Experience: 34
Membership
IARFC, MDRT
Services
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

Data Provided by:
H&R Block
(302) 999-8100
2407 KIRKWOOD HWY
WILMINGTON, DE

Data Provided by:
H&R Block
(302) 656-7212
106 S UNION ST
WILMINGTON, DE

Data Provided by:
Globe Income Tax Service
(302) 998-2256
2116 Kirkwood Hwy
Wilmington, DE
 
Data Provided by:

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 ...

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