The responses to this question vary here and for other similar questions. I realize an inherited home that is not used for personal use is considered an investment. But which is it, are painting and repairs which get an inherited non-rental home into selling condition a selling expense or are they added to basis (the home FMV on the date of death)? Can anyone provide a IRS citation that says which is allowed? (The IRS pubs for basis and for selling a home, both of which mention inherited homes, seem to imply painting and repairs are neither selling expenses nor added to basis.) Thanks.
