Dear all,
I am trying to determine whether I have the right to include repair costs into the cost basis of the house I am selling.
These repair costs were done between two rental periods (the previous renters completely destroyed the place so necessary to do the repairs before the new renters moved in).
These repairs were already included as deductable maintenance/repair costs against the rental income declared in the year of repairs.
I am correct in assuming I can NOT add these same repair costs into the cost basis of the same house now being sold? It seems like I would be 'double-dipping' but thanks for any advice.
Regards,
Oilguy
