In a previous blog, we discussed dealing with your parents’ debts and the difficult financial discussions which may take place. Even though you may still be recovering from that conversation, it’s time to talk about something else… TAXES! Taxes are a fact of life for all of us and I’ve never met anyone who enjoys them. However, there is some good news. It’s not too late to take advantage of a tax break that helps homecare clients stay in their own homes safely and comfortably.
According to Homecare Magazine, “The Senior Accessible Housing Act would amend the Internal Revenue Code to allow a nonrefundable tax credit of up to $30,000 for citizens over the age of 60 who make home modifications to enable safe, functional and independent living. Modifications eligible for the tax credit under the Act would include:
· Installing entrance and exit ramps
· Widening doorways
· Installing handrails or grab bars
· Installing nonslip flooring
· Other modifications listed by the Internal Revenue Service (IRS), that enhance safety and livability of the home”
A lot can be done with $30,000. Most of this list is designed to prevent falls; which is fantastic news! Falls are the leading cause of ER visits, long-term hospitalizations, and death in the elderly. Falls also often result in the inability to return home ever. Therefore, it’s important to note that completing this work in your elder’s residence is a HUGE step toward helping them stay home safely and for a longer time.
Call your tax professional to ask about prepaying for work to be done if it’s too late to schedule renovation. Make sure you have receipts for any work done that was required to facilitate home living for an elderly person. Don’t leave all that money sitting on the table!
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