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It is a repair. It is deductible only if it is rental or other income producing property
No, if this is your primary home it is not deductible on your current income taxes. However, it may be includable as an additional improvement to be credited to the purchase price of the home.
If this is a rental property, it may be deducted or amortized. This will be based on the cost of the project, and your election to take a deduction.
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