Mold Remediation Gives You A Tax Deduction

Did you know that if you are a landlord or a homeowner and you have to have mold removed from your home, it is tax deductible? It qualifies as a repair that has to be done to protect the investment of your home.

The costs that you will incur from removing mold from your home or your business can be quite great, depending on the size of the infection. Sometimes a quarter, half, or even a whole wall or more has to be removed, not to mention the cost of the chemicals and personal protection equipment necessary to do the job safely.

The IRS has concluded that the cost of mold removal and remediation are tax deductible as an ordinary and necessary business expense. This is a requirement that must be met before something can be deducted as a business expense: it must be both ordinary and necessary.

Renovations that increase the value of a home or other building cannot be counted as business expenses, but the removal of mold is necessary because the health of the workers and anyone else in the building will be affected, thus affecting the flow of cash into the business. Mold remediation does not add value to the property, so it is fine to count it as tax deductible at the end of the year, even if it is not a business that is being treated. Unfortunately, if the mold remediation is the part of a renovation plan that includes the entire property, then the cost is required to be capitalized instead of deducted from your taxes at the end of the year.

So, just what is deductible? If you hire a professional service to do it for you, then the total of whatever they billed you after the project was completed is what you would write down as your deduction at the end of the year. Also, any building materials that you have to purchase after the mold removal are tax deductible, as well. These are necessary to complete the repairs.

It is also possible any relocation expenses that you or your family might incur while the mold remediation is taking place may be deductible, as well. Contact whoever prepares your taxes for you and ask them if it may be deductible.

If you play your cards right, you should be able to deduct most of the cost of your mold remediation, as long as it is not part of a larger renovation of the property.

Mold Remediation Equipment

If you are planning on doing a mold remediation project by yourself instead of hiring a professional to do it for you, then odds are you are wondering how to go about doing this safely. It is important to take safety into account when you are dealing with mold, considering all the health effects that can be caused by mold. Respiratory infections, aggravation of asthma and emphysema, skin rashes, eye infections, and etcetera are not the only things that can be caused by the existence of mold in your house. Death can also result.

What exactly are you going to need if you are removing mold from your house? Well, this answer depends on just how much mold you need to remove. If you find mold growing on the walls of your home, then simply washing it off with mold killing chemicals may not do the whole job. Taking out the drywall and replacing it is probably the only thing that you can do to completely remove the infection. If it has not seeped down into the drywall and contaminated the entire depth of the board, you may be alright.

Some heavy duty mold killing chemicals will be needed. Shop around and read some product reviews before committing to buying one particular cleaner.

Heavy duty trash bags should be on hand to put any mold contaminated materials into. Try not to touch these contaminated materials to anything else in the home to avoid cross-contamination.

A respirator of some kind should be used when you are dealing with mold remediation of any level. If you are going to be removing drywall or any other building materials from your home, a half or full face mask respirator with a HEPA filter cartridge may be necessary. A full face mask can be bought for around $130. Disposable protective clothing can also be bought and is fairly inexpensive considering the protection you will be provided. Since the shoes seem to only be sold in bulk, consider buying a pair of rubber boots instead and pull the body suit down over it. Breathable gloves should also be bought. If you cannot find them outside of a bulk quantity, consider a rubber glove alternative. Pull the body suit over them and seal with duct tape.

A vacuum with a HEPA filter on it is something you will want to use if you are planning on removing any drywall. Stirring up mold spores is inevitable when you do this, especially if the infection is larger inside the wall that you could see from the outside. These vacuums will collect all the mold spores that have settled onto the floor and anything else that you vacuum with it and not redistribute them into the air.