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I sold a condo used as a vacation home, was not investment…

I sold a condo...

I sold a condo used as a vacation home, was not investment property. During the last year that I owned the property, I was assessed $12,000 for repair, sealing and painting the exterior of the building. Can the 12,000 be added to my cost basis?

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Answered in 1 minute by:
3/7/2018
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. I am prepping my response, which I will provide to you in the next thread(s).

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In brief, yes, you can add those costs to the basis. Cost basis includes the cost of the property, plus improvements. For a more detailed breakdown, you can refer to the following link.

http://homeguides.sfgate.com/determine-tax-basis-real-estate-38826.html

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