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Can I add improvements done before I turned my primary home into partial rental/primary to the cost basis when i sold the house at a loss?
I bought our primary house in 2005 at $630,000. Then we did major improvements like adding garage/family room and remodelled kitchen with cost of $100,000. Then in 2014, we rented out the lower level of the house out for 3 years while we still lived there. During this period of time, we had new bathrooms and hardwood floors, costing about $25,000. In 2018, we sold the house at $735,000. Can i claim a loss? If I can, can I add the $100,000 to the cost basis? Thank you!
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‎June 6, 2019
12:44 AM