If i paid a company to install steel beams to reinforce my foundation walls in my basement are the cost of the beams tax deductible?

[AnnaB]

If the steel beams were for a personal residence, this is not a deductible expense.  You should keep the amount in your records as it increases your cost basis which will reduce any gain you may have if you ever decide to sell.

If the steel beams were for a rental property, then you can depreciate it over 27.5 years.

Note: If the installation of the steel beams was necessitated due to a casualty (such as a tornado), then you can report it on Schedule A; however, casualty losses are only allowed to the extent they exceed 10% of your adjusted gross income and the amount is reduced by $100 per event.  In addition, your itemized deductions must exceed your standard deduction to gain any tax benefit.

[AnnaB]

Edited for a typo! 🙂

[Bsch4477]

No, but you can add the cost to the cost basis of your home.