Hal_Al
Level 15

Deductions & credits

Q. Can I  include the costs  of a complete gut renovation of my cooperative apartment in my cost basis? 

A. Yes, generally. You cannot include things that would be classified as furnishings (refrigerator, shades).  

 

What does "my property" mean? Your home, your rental property? The answer is the same either way, but dome of that could be expenses or depreciated for rental property.