Your Moldy Tax Deduction

Did you know that mold might be a tax deduction? No, you can’t claim it as a dependent.

Here’s this about that.

Mold removal and repair is a tax deductible business expense for landlords and homeowners. Deductibles for the remediation costs incurred, the repair costs, and the replacement materials costs. Upgrading to new because it is prettier is not deductible. (Sorry, they tell me that’s an “improvement”.) But if your ratty and mold-infested drywall has to go, that is an itemized deduction. But don’t take my word for it. Make sure you check with your accountant, and for good measure, save before and after pix and receipts.

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