Updated almost 3 years ago on .
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Rehab - property clean out tax status
Hey all, first time posting here on BP. I am embarking on a rehab project which I will rent out after rehab is complete. My question is on the initial clean out of the property. The prior owner was a hoarder and will need to be cleaned out with hazmat gear. Cost estimate is around 6500. Can I deduct that off my taxes as opposed to capitalizing it since the cost is essentially cleaning? Any other tips on individual items I can write off during a rehab? Tree removal maybe? Figure it’s worth asking.
Thanks!!
Neal