Do remodeling costs increase the Cost Basis of our home when we sell it?
I am a bit confused as I keep hearing about Capital Improvements but it seems like remodeling doesn't seem to count as an increase in the Cost Basis when computing your taxes for a main property sold in the previous year as it isn't adding much of anything to the original home.
We had the walls and cabinets repainted in the interior of the house for the whole house.
We had the floors all ripped out and replaced
All new lighting fixtures in each room
New oven in the kitchen
New Furnace
What do you all think? Thanks
