Submitted By: someone
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.

Tax Glossary

Independent contractor

One who controls his or her own work and reports as a self-employed person.

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