Are big maintenance items tax deductible?
As the title states.
I closed in my first home on Feb 3rd. Fast forward to now when I finally get a company out to inspect my crawl space as I’ve got some areas in the house where the floor dips a little.
Inspector goes under there and finds the true extent of the moisture issue that I had under my home. The inspector that inspected before I bought didn’t do nearly good enough job of getting a proper look around so I’m pretty annoyed at that.
Long story short I’m dropping $30k to have them do a French drain system, new sump pump, fully encapsulating the crawlspace with new and much thicker plastic that goes almost all the way up the foundation, sealing up the vents (I learned that they apparently actually make moisture issues worse), installing a dehumidifier and also doing mold remediation as well as treating the wood with antifungal solution to prevent reoccurrence and installing some steel reinforcement to the areas where floor sagging is a concern.
Is there any way I can get some sort of tax benefit or anything like that off of this? I know just being a homeowner and buying means I can write off the interest on the home loan on my taxes. But I’m interested to know if big ticket repairs/upgrades like this carry some benefit too outside of putting the house in a better condition obviously.
Also how would you estimate how much value is added to the home as a result of this work? Once it’s fully encapsulated and a controlled environment my crawlspace would now become an area that I could safely use as storage. Adding more useable space to the home has got to up the value to some degree right?