Tax Deduction for Lead-Safe Renovation? Maybe

The other day my ears perked up when I heard that the cost for lead-safe renovation may be tax deductible.  How great to be able to tell customers that there is some type of financial assistance available for them if they do not meet certain income level requirements for many of the grants out there. I eagerly started doing research and stumbled upon the IRS code regarding the deduction of medical expenses. According to the IRS,  customers MIGHT BE ABLE to deduct the cost of removing lead-based paints from surfaces in their homes. The catch?  (You knew there had to be one, right?) In the IRS code it states that in order to include lead-based paint removal as a medical expense for tax deduction purposes, it must be to PREVENT A CHILD who HAS or HAD LEAD POISONING from EATING THE PAINT. Additionally, the surfaces must be in poor repair (peeling or cracking) or within the child's reach. Of special note is that the cost of repainting the scraped area IS NOT a medical expense. What IS considered deductible as a medical expense, without any restrictions?  Several items including the cost for abortions, acupuncture, breast pumps, a Christian Science practitioner,  hearing aid batteries,  and pregnancy test kits. What IS NOT included?  Cosmetic surgery, dancing lessons, diaper service,  health club dues, health savings accounts, insurance premiums, maternity clothes, teeth whitening, and nutritional supplements. Read the full section at www.irs.gov. Download the .pdf here

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