Yes, but it may not be fully deductible.
The amount that you can deduct if a physician says that you need electricity to power your home, would be the difference between the increased value in your home and the cost of the equipment. So, if you paid $5,000 for the equipment and your home value went up by $3,000, you would only be able to deduct $2,000, not the full $5,000. A generator is an item that would generally increase the value of your home, so you can contact a local realtor for help with determining how much it increased your value.
The difference would be deducted as an itemized medical expense. Medical expenses are only deductible for the amount that is over 7.5% of your AGI. This means if your AGI is $50,000, then the amount that is over $3,750 is deductible.
Itemized expenses include mortgage interest, gambling losses up to winnings, charitable contributions, 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.
Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your expenses.
The 2024 Standard Deductions are as follows:
- Married Filing Joint (MFJ) $29,200
- Married Filing Separate (MFS) $14,600
- Head of Household (HOH) $21,900
- Single $14,600
Blind or over 65 and MFJ or MFS add $1,550
Single or HOH if blind or over 65 add $1,950
Standard versus Itemized Deduction
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