Is Emergency Home Repair a Tax Write Off?
September 1st, 2009I own a home and recently I received a notice of unsafe condition from the city on my property. Needless to say that I must spend a lot of money to make the repair to my home to satisfy the city’s requirements. The repair will cost me a lot so anything will help.
So, my question is that if I make the repair, can I write off anything?
Can I write off any expenses to repair the retaining wall in question?
What if the retaining wall was damaged during a declared state of emergency?
Thanks.
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This would not be a deduction if it is your personal residence. It could be an adjustment to your basis if you own the home. That will reduce any gain you may make when you sell the house in the future. It is not an adjustment to bases if it is only a repair to what had existed when you purchased the house.