We purchased a home that required work and improvements to live in or sell. Our original intent was to move into it but changed our mind. We did significant improvements. Are these costs all able to be added to the basis?
1- Replace all carpet (60% of flooring)
2 - Refinished hardwood floors (30% of flooring)
3 - Special primer (smoke mitigation) and painting 5 areas (materials only)
4 - Painted several other rooms. (materials only)
5 - Upgraded kitchen (painted cabinets, new counters & sink, new gas range, new microwave, painted walls)
6 - Updated one bathroom (new fixtures, removed wallpaper and painted).
7 - Built a kitchen pantry
9 - Touch-up paint on deck.
10 - Replaced several sprinkler heads.
Things I don't think can be added to the basis.
1 - HOA dues, property taxes and utilities for 7 months we held it.
2 - Tools required for upgrades
I've done a bit of research and am not finding clear answers.
Thank you for your help.
