Yes, you are able to deduct the costs of asbestos removal as a repair. Please follow the instructions below to enter the repair costs:
- With your return open in
TurboTax, search for rentals and then click the "Jump to" link in the search
result.
- Answer Yes to the question Did you want
to review?
- Click Continue when you reach the So far
You're not a Real Estate Professional.
- Click Edit next to your rental
- Follow the on-screen
instructions as you proceed through the entire rental and royalties
section.
- We'll first ask you to enter
general information about your rental (description, address, ownership
percentage, etc.)
- Eventually, you'll come to
the Rental Summary screen where you will click Start next to Rental
Expenses
Let me know if you
have further questions.
