Solved: Deduct money spent to prevent flooding? We have filed multiple claims, this was to protect the house.
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Deduct money spent to prevent flooding? We have filed multiple claims, this was to protect the house.

 
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Deduct money spent to prevent flooding? We have filed multiple claims, this was to protect the house.

Unfortunately, there is no federal tax deduction for money spent to prevent flooding.  However, if you what you did was a permanent improvement to your home, you can add it to the cost basis to reduce potential capital gains when you later sell the property.

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Level 5

Deduct money spent to prevent flooding? We have filed multiple claims, this was to protect the house.

Unfortunately, there is no federal tax deduction for money spent to prevent flooding.  However, if you what you did was a permanent improvement to your home, you can add it to the cost basis to reduce potential capital gains when you later sell the property.

View solution in original post

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