At Presidential Conversions, we understand that a conversion vehicle can be a game changer for you and your family. They offer a fantastic amount of freedom for both those with a handicap and those that care for them. Sadly, many people don’t consider them an option due to the financial commitment they often require.
But what if we told you they could also offer tax relief? It’s true!
What is Considered Deductible?
While the cost of the actual vehicle is not deductible, any modifications made for medical purposes would be! This would include things like wheelchair lifts, driving aids and any other van related mobility equipment.
You can also deduct the cost of insurance premiums and transportation such as parking fees, tolls, and fuel. Transportation deductions can only be used for medical appointments like doctor visits and treatments.
Be sure to keep in mind that you can only deduct something that is more than ten percent of your adjusted gross income.
What is Considered a Medical Expense?
Medical expenses are any cost related to the diagnosis, cure, treatment, or prevention of disease. That means that you can claim a deduction for any visit to a doctor, clinic, or other facilities for disability-related treatment.
You can claim these deductions for yourself, and any spouse/dependent that you are responsible for. If you are paying for their medical expenses, you can claim the deductions, regardless of if you are their primary care provider.
If you have a prescription for your wheelchair accessible conversion vehicle, your sales tax will be exempt. This can save you thousands of dollars!
We understand that a conversion vehicle is an investment. That is why we provide the best quality and customer service available. Browse our selection of vehicles today.
We want to help you live a Barrier Free Life.