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m91giants
New Member

When selling my home I had to have an oil tank removed from the ground. It failed and I had to do a soil Remediation which cost over 10,000 dollars. Is that a write-off?

 
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Fern
New Member

When selling my home I had to have an oil tank removed from the ground. It failed and I had to do a soil Remediation which cost over 10,000 dollars. Is that a write-off?

It is not a deductible expense in your tax return.  However, it should be added to the cost basis of the home you sold and would therefore reduce the gain or increase the loss on sale of the home.

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Fern
New Member

When selling my home I had to have an oil tank removed from the ground. It failed and I had to do a soil Remediation which cost over 10,000 dollars. Is that a write-off?

It is not a deductible expense in your tax return.  However, it should be added to the cost basis of the home you sold and would therefore reduce the gain or increase the loss on sale of the home.
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