Deductions & credits

 

 The answers continue to vary regarding the treatment of repairs (not improvements) referenced in the original question.  Below is a summary.

 SusanY1  says "All of the repairs, maintenance, and improvements to the property can be added to the basis of an inherited property when determining the gain (or loss) on the sale."

 RobertG  agrees these items can be included for determining gain or loss, although it is unclear whether they are added to basis or are treated as selling expenses.

Anonymous says the Repairs, Painting and Power washing are selling expenses.

MarilynG1 says "You can add any Expenses you incurred fixing the house to prepare for sale (plus Sales Expenses) to the Cost Basis."  Also to a follow-up question about monthly HOA fees, utilities, security and Homeowner's insurance costs also being added to basis; MarilynG1 also says "Yes, any expenses required to make the property saleable" but none of the other responders mention HOA fees, utilities, security and Homeowner's insurance costs.   

Cynthiad66 references improvements made within 90 of closing, which appears to be old info, and the implication is the items are neither added to basis or selling expenses.  She also addresses repair and maintenance deductions are allowed for rental property, but that is not the subject issue.  

AmyC  says there is no 90 day rule and just references Pub 551 Basis of Assets, but I don't see anywhere in the pub says the items can be added to basis or treated as selling expenses like many of the above responders state. 

ReneeM7122   also references repairs made within 90 days of closing are selling costs and she references Pub 530, but the 90 day rule is not in the Pub and appears to be old info that is no longer accurate.  She also mentions living in the house and that would be personal use and then not considered an investment, so that is also not applicable for the subject case.  And she says you can't deduct repair costs and generally can't add them to the basis of your home, which is different than what many of the responders say.  

 

I would think the subject of this question would be extremely common since each year many people end up inheriting a home and sell it without using it personally.  So I am not sure why the answers vary so much and why I can't find a citation that clearly states what is allowable, unless Pub 530 is determining and then it sounds like repairs are neither added to basis or selling expenses.  This question has also been asked other times and even has other different answers, such as electing to capitalize repairs on unimproved and unproductive property, which also does not appear to apply since the subject property is a house and thus is improved property.  It would be beneficial if this issue could be answered conclusively and with a citation.  Does this forum have a process where someone can raise this question to a subject matter expert who specializes in this issue, or who as a contact in the IRS?  That way we could get a conclusive answer with citations about the treatment of HOA fees, utilities, security and Homeowner's insurance costs and also the treatment of Repairs, Painting and Power washing (not part of an improvement).  That way we don't have to keep looking at this question here and in other similar questions in the future, LOL!  Or, since the original question is over a year old, should I restart it new and ask for a subject matter expert response?  Thanks.