Greetings,
I am selling a property this year (likely closing July 2021) the property was purchased in July 2014, we lived in the property from July 2014 until October 2018. I believe this will omit us from having to pay capital gains, however I still need some insight on figuring cost basis for other tax purposes.
When figuring the cost basis of the property I believe I am able to include the original purchase price (obviously), the closing costs etc from purchasing the property, but what about real estate taxes? Am I able to include the annual real estate taxes that I've paid on the property, and if so, can I only include the taxes from the years we actually lived in the house, or can I include the annual property taxes from the date we purchased until the date we sell?
I'm pretty sure I can't include the taxes in the cost basis, but just wanted to double check just in case. Thank you for any insight provided!
