Rental house damaged by fire declared by city as not habitable. City requires asbestos removal prior permit for demolition. I know that demolition cost is added to land basis. Is the required asbestos removal deductible or must it too be capitalized. The City will not provide a permit to demolish until the building is rendered safe of hazardous materials.
That is also capitalized into the cost of the land ... it is part of the demolition process.
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