Question

what form do I use to deduct cost of an elevator?

Forum|Forum|2 years ago
February 9, 2024
3 replies
0 views

what form do I use to deduct the expense of an elevator ?

1099-Misc

Employee

An elevator for what? Where did you put an elevator? Provide some details.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

M

MayaD

You can deduct it as medical expenses if its main purpose is medical care for you, your spouse, or your dependents. However, If you itemize, you can deduct only the part of your medical and dental expenses that exceeds 7.5% of the amount of your adjusted gross income.

If it is a capital improvement that adds value to your home, you won't be able to deduct it. It can be added to the cost basis of your home and subtracted from the sales price to determine the amount of your profit when you sell it.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

A

adotschkalAuthor

what form do I use to deduct cost of an elevator in my home to go from floor to floor ?

M

MayaD

Medical expenses are reported on Schedule A and entered in the Deductions & Credits section.

With your return open, search for Schedule A and then select the Jump to link in the search results.
Enter your medical expenses, starting with prescriptions, on the following screens.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"