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How can we take $100,000 and use it bathroom modifications for elderly couple?

Level 2

Have a couple she is retired he will be retiring within 5 years.  He is paid a very high salary as well as bonuses.  We've been deferring, investing, and saving using all avenues.  Now he wants to modify all four bathrooms in his home.  He feels $100,000 is what he needs.  Trying to figure out a way to be able to use $100,000 and due to home modifications. They are seniors and this is their forever home.  I am sure I am missing something because this seems fair and doable.  Can someone advise on if this is possible?  

3 Comments 3
Level 15

But it isn’t fair and doable.  Without any current medical conditions requiring the modifications, they are SOL for tax purposes.

Slava Ukraini!
Level 15

Donate the home to a dementia research organization, because that might be their forever home.  Retain a life estate.  That should generate a large enough deduction to pay for the improvements with tax savings.  And some of that would be deductible too. 

Level 15

"because this seems fair and doable."

What has lead you to determine that there should be a tax benefit to updating a personal residence for personal needs, the place where they have lived all these years wearing out the various parts and pieces? They are investing in the home they intend to live in, and improvements can be part of basis, but not everything is tax deductible. Life is not a tax deduction. Sometimes, it's just how you pay to live the life you want to live. Is there some unfortunate condition that they are contending with, such as a medical lift requirement?

"Level Up" is a gaming function, not a real life function.