My wife was diagnosed with multiple sclerosis. I financed a chair lift for her. Can I claim any interest payments?

[Bsch4477]

You can deduct the cost of the chai lift. 
The expense of a chair lift is tax deductible if you have a prescription from a health care provider saying you need one due to health reasons  It would be a medical expense if you itemize. You can only deduct a total medical expense greater than 7.5 percent of your AGI. 

[MinhT1]

The interest payments on the chair lift are not taxable.

However, if the chair lift is medically necessary and prescribed by a doctor, its total cost can be claimed as Medical expenses.

The IRS has an extensive list of what you can and can’t deduct as Medical expenses.

For tax year 2024, Medical Expenses are subject to the 7.5% rule and you can only claim the excess over 7.5% of your Adjusted Gross Income.

Please note that Itemized Deductions will only benefit your taxes when they exceed your standard deduction.

For tax year 2024, standard deductions are:

• $29,200 for married couples whose filing status is “married filing jointly” and surviving spouses;
• $14,600 for singles and married couples whose filing status is “married filing separately”; and
• $21,900 for taxpayers whose filing status is “head of household.”

The additional standard deduction for a blind taxpayer—i.e. a taxpayer whose vision is less than 20/200— and for a taxpayer who is age 65 or older at the end of the year is for each instance:

• $1,550 for married individuals; and
• $1,950 for singles and heads of household.

Here's how to enter your medical expenses in TurboTax:

1. Open or continue your return.
2. Navigate to the Schedule A section:

• TurboTax Online/Mobile: Go to Schedule A.
• TurboTax Desktop: Search for Schedule A and then select the Jump to link.