TAX DEDUCTION FOR THE HOT TUB YOU PURCHASED LAST YEAR?
TAX DEDUCTION FOR YOUR HOT TUB?
We all know that April 15th is tax day. You want to pay your fair share, but why pay more than you have to, right? IRS regulations may allow a deduction for your hot tub purchase if your doctor recommends hot water therapy for a medical condition. At Olympic Hot Tub Company, we’re hearing more frequent reports that one of the reasons for purchasing a Hot Spring Spa is a medical condition for which a hot tub will provide relief. Those who suffer from arthritis, fibromyalgia, back pain or other medical problems may find that their aches and pains are alleviated by hot tub soaking. There are many medical conditions for which a hot tub purchase may qualify for a medical deduction including injuries suffered in an automobile accident.
A doctor’s prescription can turn your hot tub into a piece of deductible medical equipment, as long as you satisfy a few IRS conditions. Look for IRS Publication 502, which covers medical expenses. Remember to check with your own tax preparation expert for assurance that this applies to your situation.
RES EST SERVA VOLUPTAS. Pleasure is serious business.
Author: Don Riling
Don Riling is the President of Olympic Hot Tub and has been an active member of the hot tub industry for over 20 years. As the company’s owner since 2016, he has continued Olympic’s legacy of promoting health & wellness through hot water therapy.