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Get your taxes done using TurboTax
From your description, this sounds like a repair to your business property.
Don't add to your basis (or enter as a new asset) costs you can deduct as current expenses. For example, amounts paid for incidental repairs or maintenance that are deductible as business expenses can't be added to basis.
See IRS Publication 551 for more information.
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March 18, 2025
4:49 PM