I had an elevator installed in the house I moved into this past spring and am looking for other's experience with a medical tax deduction after installing an elevator. I've extensive research and the official rule is that I can only deduct the cost of the elevator above what it increased the value of the home.
For any of you that have installed an elevator in an existing home, how did you calculate the number? Did you have an official appraisal done before and after installation? Have an appraisal done that you just say "tell me the value with and without the elevator"? Take a guess?
I spent ~$78k on the elevator all said and done. I know there is no way it increased the value of the home by anywhere near that number. I'm just trying to decide if it is worth paying $450 for an appraiser to come out and provide an actual number or if an estimate is good enough.
For any of you that have installed an elevator in an existing home, how did you calculate the number? Did you have an official appraisal done before and after installation? Have an appraisal done that you just say "tell me the value with and without the elevator"? Take a guess?
I spent ~$78k on the elevator all said and done. I know there is no way it increased the value of the home by anywhere near that number. I'm just trying to decide if it is worth paying $450 for an appraiser to come out and provide an actual number or if an estimate is good enough.
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