@Anonymous
Yes, all items were incurred after the property was inherited to prep the house before putting it on the market.
The house was never used as a personal residence - it was left vacant and sold.
Thank you for clarifying that the HVAC increases the cost basis (FMV) - I did not realize that. Does it increase the cost basis even if the new HVAC replaced an older one that broke?
So basically, I must report the Cost Basis as $200,000 (FMV) + $5,000 - correct?
Proceeds will be $205,000 less ALL selling expenses, including any title charges - correct?
THANK YOU again for your help!
