Hi all,
I have a rental property and last year I did major land improvements to rebuild a retaining wall. When they were excavating, the contractor uncovered a previously certified abandoned oil tank that needed to be removed. I ended up hiring an environmental company to remove it.
Im seeing some conflicting advice online on deducting/ capitalizing oil tanks. One post I read said if it is removed and not replaced you can deduct but the way I read the IRS guidance is that anything that increases your property value needs to be capitalized. Just wanted to get some clarification.
Thanks
