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Need to Modify Your Home for Medical Reasons?2012 is the Year to Do It
With tax deduction limits coming for 2013, medically related home upgrades are a smart project this year.
What a difference year makes.
 
For the 2012 tax year, you can take a tax deduction on medically necessary home improvements — like installing a wheelchair ramp and other projects that make life easier for an ill or injured family member — if you:
 
Itemize deductions  
Spend more than 7.5% of your adjusted gross income on the upgrades (10% of AGI if you’re subject to alternative minimum tax).  
Starting in 2013, if you’re under age 65, you can’t take the tax deduction on medical expenses until you spend 10% of your AGI. But if you’re 65 or older in 2013, you can stick with the 7.5% AGI tax deduction threshold through the end of 2016.
 
The rules for tax deductions on medical home improvements are tricky:
 
1. Start with what it costs to modify your home.2. Subtract the value the upgrades add to your home.3. What’s leftover is your tax deduction — if you meet your AGI threshold.
 
How it works
 
Say you’re 45 years old and spend $20,000 to put a bathroom on the ... more

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