| Did you know that if you are a landlord or a | | | | so it is fine to count it as tax deductible at the |
| homeowner and you have to have mold removed | | | | end of the year, even if it is not a business that |
| from your home, it is tax deductible? It qualifies | | | | is being treated. Unfortunately, if the mold |
| as a repair that has to be done to protect the | | | | remediation is the part of a renovation plan that |
| investment of your home. | | | | includes the entire property, then the cost is |
| The costs that you will incur from removing mold | | | | required to be capitalized instead of deducted |
| from your home or your business can be quite | | | | from your taxes at the end of the year. |
| great, depending on the size of the infection. | | | | So, just what is deductible? If you hire a |
| Sometimes a quarter, half, or even a whole wall | | | | professional service to do it for you, then the |
| or more has to be removed, not to mention the | | | | total of whatever they billed you after the |
| cost of the chemicals and personal protection | | | | project was completed is what you would write |
| equipment necessary to do the job safely. | | | | down as your deduction at the end of the year. |
| The IRS has concluded that the cost of mold | | | | Also, any building materials that you have to |
| removal and remediation are tax deductible as an | | | | purchase after the mold removal are tax |
| ordinary and necessary business expense. This is | | | | deductible, as well. These are necessary to |
| a requirement that must be met before | | | | complete the repairs. |
| something can be deducted as a business | | | | It is also possible any relocation expenses that |
| expense: it must be both ordinary and necessary. | | | | you or your family might incur while the mold |
| Renovations that increase the value of a home or | | | | remediation is taking place may be deductible, as |
| other building cannot be counted as business | | | | well. Contact whoever prepares your taxes for |
| expenses, but the removal of mold is necessary | | | | you and ask them if it may be deductible. |
| because the health of the workers and anyone | | | | If you play your cards right, you should be able to |
| else in the building will be affected, thus affecting | | | | deduct most of the cost of your mold |
| the flow of cash into the business. Mold | | | | remediation, as long as it is not part of a larger |
| remediation does not add value to the property, | | | | renovation of the property. |