Further to the above discussion. Property taxes and interest paid on the note for the property - are those allowed to be added to the cost basis .... NOTE: these were not deducted on any prior years tax returns. This property was personal use, camper, lake front..... owned for 5 years and sold - I have all the purchase info, shop contsruction costs and things.... just wondering if I am also allowed to add the property taxes and interest paid on the loan to the total costs before subtracting from the price we sold at to determine total profit.
