$24.95 
Learn more
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.
advertisement
Featured Books
Tax Glossary
Depreciation
Writing off the cost of depreciable property over a period of years, usually its class life or recovery period specified in the tax law.
