A home elevator. Tuition for special-needs school. Fees for a living in assisted living. And even a swimming pool. When all of these items are considered a medical expense they can be tax deductible. But most Americans don’t know this. Not many people know that your pool can qualify for pool taxes.
How can a pool be a tax deduction?
If you have to put in a pool, because of medical reasons or a doctors recommendation for chronic diseases, should look under the tax code to see if it qualifies for a tax deduction. If you have the right paperwork it can be tax deductible. About 4 million filers deduct medical expenses on a schedule a form.
Medical expenses are common on taxes
But medical expenses are very common so a lot of filers do not know that they qualify or they may not know what expenses count for it. What’s actually allowed is far behind the word. Most insurance companies are willing to cover and can further boost your deductions.
For an example of a special ed school in Maryland has a tuition of $48,000. The school is for learning disabilities. The whole tuition is deductible because it qualifies as a medical expense.
So if you want to put in a pool, talk to your accountant to see if you can expense it or not or if you have any handicap children that would benefit from water workouts? It may be something to look at doing
If you need help finding a pool contractor in your local area of Florida? We can connect you with the top rated pool contractors for installations.
Have A Pool Problem?
Do you think your pool is leaking or damaged? Let us find you a pool contractor in your local area now.