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Deductions & credits
A earthquake brace/ bolt retrofit would most likely be considered a capital home improvement. Thus, it would be added to the cost basis of your home. Because you were reimbursed 10K of the total 15K , then obviously your net cost of 5,000 is
the amount to your cost calculation purposes in figuring out your new cost basis when you decide to sell your house down the road. See HERE.
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‎February 18, 2024
1:20 PM
1,088 Views