When a Swimming Pool Turns Into a Tax Deduction – WSJ

A home elevator. Tuition for a special-needs school. Fees for assisted living. Even a swimming pool.  

When these and other items qualify as medical expenses under the tax code, the costs can be deductible—but many Americans don’t know that.

https://www.wsj.com/articles/medical-deduction-taxes-84a7d9d5

• In 2022, the IRS allows all taxpayers to deduct their qualified unreimbursed medical care expenses that exceed 7.5% of their adjusted gross income.

• You must itemize your deductions on IRS Schedule A in order to deduct your medical expenses instead of taking the standard deduction.

• The IRS allows you to deduct unreimbursed payments for preventative care, treatment, surgeries, dental and vision care, visits to psychologists and psychiatrists, prescription medications, appliances such as glasses, contacts, false teeth and hearing aids, and expenses that you pay to travel for qualified medical care.

• If you pay for your medical expenses using money from a flexible spending account or health savings account, those expenses aren’t deductible because the money in those accounts is already tax-advantaged.

A 10-page list of eligible medical and dental expenses is included in IRS Publication 502.

As always with taxes, keep good records for all these expenses.