You'll need to sign in or create an account to connect with an expert.
You can not deduct repairs or improvements on your primary residence. You can add the cost of improvements to the value of your home. That way, when you sell it, the potential taxable value will be less. So save the documentation for this oil remediation in case you decide to sell the place.
An improvement (or betterment) is work that leads to a permanent change to the property that improves its value or extends its useful life. More common examples would be new windows or a new heating and cooling system, but remediating the impact of an oil tank would certainly count as improving the property value. You can add the cost of improvements to the cost of the property when you sell, which may reduce your capital gains tax.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
douglasx1
Level 1
Fisher97
Returning Member
michael374
Level 2
michellesikim
New Member
CB2012
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.