Is a handicap van tax deductible? Can you expect tax deductions when purchasing a handicap van? A handicap-accessible van facilitates numerous advantages for you and your loved ones. It enhances mobility and alleviates stress for individuals with disabilities and their caregivers. However, it’s no secret that it also comes with a financial commitment. The question is, can this investment provide some relief at tax time? Let’s dive into the details and discover what you need to know before purchasing your next handicap van.
Understanding Tax Deductions for Handicap Vans
While the van cost is not deductible, you may be eligible to claim deductions for modifications you make to the vehicle for medical purposes. For instance, if you install a wheelchair lift, that expense would qualify for a deduction. According to the IRS, you can deduct the difference between the cost of a regular van and a vehicle designed for handicap accommodations as part of your medical expenses.
Moreover, there’s a possibility of deducting the premiums for insurance and any transportation costs related to medical needs. This includes expenses like fuel, parking fees, and tolls. You can either use your actual expenses from the year or the standard medical mileage rate of 18 cents per mile. Regardless of the method you choose, it’s crucial to maintain meticulous records of your mileage.
What Classifies as a Medical Expense?
The IRS states medical expenses encompass costs incurred for the “diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body.” This means you can claim expenses related to visits to doctors, clinics, or other medical facilities for disability-related treatments. You may also be able to deduct equipment, supplies, and diagnostic devices necessary for these purposes.
It’s important to note you can claim these deductions for yourself and also for your spouse or dependents for whom you are responsible. Even if you are not the primary caregiver, as long as you are covering their medical expenses, you can still claim these deductions.
Take Advantage of Tax Deductions for Mobility Equipment
If you’re worried about the cost of buying and owning a handicap van, rest assured that when tax time comes, you can deduct many of the expenses of owning the vehicle. At Trinity Apparatus, we understand the importance of owning a reliable handicap-accessible van. That’s why we have the largest in-stock inventory of handicap vans. Our attentive customer service and convenient financing options make buying your van easy and affordable.
Want to learn more about tax deductions for handicap vans and related equipment? Or maybe you are ready to purchase a handicap-accessible van. Our team is here to assist you and guide you through the process. Don’t miss out on the potential tax benefits and the opportunity to improve mobility and reduce stress for you and your loved ones.
Is a handicap van tax deductible? Contact Trinity Apparatus today, and we’ll answer your questions and help you through the van-purchase process.