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Investors & landlords
Yes, the engineering and other fees are includable in your basis in the property.
The fact that you lived there is not relevant unless it was your primary residence long enough for it to qualify as the sale of a residence.
- You owned the home.
- It was your main home for two years or more within the five years leading up to the sale.
- You waited at least two years between selling your primary home and excluding your first $250,000 or $500,000 from taxes. In other words, you may buy and sell as many primary homes as you'd like, but you'll only get this tax benefit every two years.
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May 4, 2020
10:19 AM