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Deductions & credits
It depends on whether you are talking about your personal home or a business/rental property.
Personal home
No. The expense is not deductible. However you can consider the treatment as an "improvement" and add the cost to the basis of the property, which will reduce any gain when you sell the home in the future.
Business or Rental Property
Maybe. If the removal is for a business or rental property, it depends on the type of treatment.
In TAM 9240004 and TAM 9411002 the IRS stated that encapsulation (wrapping of exposed and damaged pipe insulation) is deductible.
However, asbestos removal costs are not deductible as ordinary repairs and maintenance, but instead must be treated as capital expenditures. [Environmental Aspects of Real Estate and Commercial Transactions: From Brownfields to Green Buildings by James B. Witkin, 3rd Edition Edition, Feb 22, 2005]
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