Bought a Primary residence in WI w/o a basement. If I bought a storm shelter, in the future, is any of it tax deductible?
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1 Best answer
ToddL99
Expert Alumni
Feb 16, 2021 7:03:45 AM
A storm shelter (built-in or free-standing) would not be deductible for tax purposes.
If it were attached to your residence, the cost would be added to the cost basis of your residence and taken into account when calculating any gain when you sell.
1 Replies
ToddL99
Expert Alumni
Feb 16, 2021 7:03:45 AM
A storm shelter (built-in or free-standing) would not be deductible for tax purposes.
If it were attached to your residence, the cost would be added to the cost basis of your residence and taken into account when calculating any gain when you sell.