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Author: adokmano Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123477  
Subject: Cost basis for house sell - owned for 8 months Date: 4/14/2004 7:32 PM
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I'm clear on the fact that if I owned my house for less than 2 years I'll have to pay capital gains taxes on any gain above & beyond my cost basis barring exceptions such as if the sale was due to a job change, etc.

What I'm not clear on is, what is allowable to be included in my cost basis? Can anyone please shed any light on such examples as:

1. Repairs/upgrades I do to the inside
2. Selling costs like advertising, attorney fee, title insurance, transfer taxes?
3. Condo monthly association dues?
4. Condo special assessments for things like vinyl siding or roof replacements
5. Loan closing costs
6. House inspection cost

And two "easy" ones:
1. Property taxes paid (I would assume no, since I'm already using them for itemizing)
2. Mortgage interest paid (I would assume no, for same reason above?)

Knowing I might be able to add these into my cost basis SIGNIFICANTLY helps me determine my "trigger" acceptance price for any potential offers I'll receive.

Thanks greatly -- AD
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