We had a new well dug in Oct 2016, can we claim any of the money we spent?

[barbken9]

we spent $7500 on a new well, can we deduct any of the money?

[LindaA · Accepted solution]

While you can't deduct the cost of the new well on your tax return, it may increase the basis of your home, which comes into play when you sell the property. (Note that the situation is different if the well was dug on business or rental property.)

Can I deduct home improvements on my tax return?  https://ttlc.intuit.com/replies/3301939