YOU MUST have a statement from your State environmental agency for this election.{ Ensure you maintain that statement for your records.}
The very last expense section in the rental section is "Other Expenses"
For Description enter "“Section 198 Election”" this is critical for the deduction .[i.e. you have to cite the exact words for the deduction]Then the amount in space to right of description.
To deduct these remediation costs under section 198 you must comply with the requirements of that provision.
Ensure you printout and maintain your Tax return and worksheets for your records and all state documentation and receipts if questioned.[i.e. this means you know where they are maybe three years from this year.]
