Maybe. It depends on what you mean by ramp update. If you needed to fix/repair or modify the ramp so it is safe for someone to use that medically needs to use it, then yes, it is deductible if you are itemizing your return instead of taking the standard deduction. It would be considered a medical expense. Any increase in the value of the property would need to be deducted from the amount you are claiming as a deduction for the ramp.
Medical expenses are only deductible for the amount in excess of 7.5% of your AGI. So, if your AGI is $100,000, only your medical expenses over $7,500 will count towards your Itemized Deductions. Itemized expenses include mortgage interest, state and local taxes up to $10,000, medical expenses in excess of 7.5% of your AGI and casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss.
In order to benefit from the Itemized deductions, they would need to be greater than your standard deduction. The Standard Deduction rates are as follows:
- Married Filing Joint (MFJ) $27,700
- Married Filing Separate (MFS) $13,850
- Head of Household (HOH) $20,800
- Single $13,850
Blind and MFJ or MFS add $1,500
Single or HOH if blind add $1,850
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