9 years ago I purchased a home for my son and granddaughter to use rent free. The amount of forgiven rent was well below gift tax exclusion. Now I am selling the house and trying to figure what my basis is for any taxable gain. Am I allowed to include 9 years of expenses, such as property taxes, insurance, association dues etc? These are costs I would have incurred even if the property had not been occupied. My son paid for things like, upkeep, utilities and renters insurance. No lectures please, this situation was absolutely necessary. Thank you in advance.
