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Paid for home inspection & radon test for new home that was purchased. It became rental property and now selling. Can both of these be added to 'cost basis'?

 
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KatrinaB
Intuit Alumni

Paid for home inspection & radon test for new home that was purchased. It became rental property and now selling. Can both of these be added to 'cost basis'?

Yes. The costs for home inspection and radon testing can be added to your cost basis. 


[Edited 03.21.2018 I 9:14 PM]

View solution in original post

4 Replies
KatrinaB
Intuit Alumni

Paid for home inspection & radon test for new home that was purchased. It became rental property and now selling. Can both of these be added to 'cost basis'?

Yes. The costs for home inspection and radon testing can be added to your cost basis. 


[Edited 03.21.2018 I 9:14 PM]

Paid for home inspection & radon test for new home that was purchased. It became rental property and now selling. Can both of these be added to 'cost basis'?

I am not asking about deducting these costs as a rental expense. I’m asking if they can be added to the cost basis of the home (cost incurred when home was bought).  I need to adjust the cost basis for calculating capital gains/loss.

Paid for home inspection & radon test for new home that was purchased. It became rental property and now selling. Can both of these be added to 'cost basis'?

Thanks
KatrinaB
Intuit Alumni

Paid for home inspection & radon test for new home that was purchased. It became rental property and now selling. Can both of these be added to 'cost basis'?

I've edited the answer above. Your welcome!
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