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Submitted By: someone
Answered: November 3, 2020 11:15 pm
Answered: November 3, 2020 11:15 pm
I sold my vacation home after it was up for sale for over a year. Can I add utility costs and property taxes paid during the time it wasn’t being used by me to the cost basis of the home?
The cost basis of a home includes only capital improvements. Ordinary expenses, such as utility costs and property taxes, do not increase basis.
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The IRS action of fixing tax liability that sets in motion collection procedures, such as charging interest, imposing penalties, and, if necessary, seizing property.
