Solved
Live in building w 3 rental units. Removed OLD asbestos insulation from boiler pipes. Didnt replace ins. $2850 total. 75% for rentals is $2138. Repair or cap expense?
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The Service issued Letter Ruling (TAM) 9240004, which held that asbestos removal costs are not deductible as ordinary repairs and maintenance, but instead must be treated as capital expenditures.
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