it depends. You can add to the cost of the property any capital improvements added to the structure. Regular maintenance would not be allowed to be used as an expense on the sale including utilities or insurance as example.
The following expenses can be added to the cost of your second home from the settlement statement at purchase. There could be similar charges at the time of sale.
Government Recording and Transfer Charges
- Recording fees
- Title Charges
- Lenders Title Policy
- Settlement or Closing Fee
- MLC - Assuming it means Municipal Lean Certificate
- Title Exam
- Owners title Insurance
You can include these closing costs and add them to the cost basis of the property as noted above.
Do NOT include any of the following expenses-- Loan charges - Loan charges are part of the loan, not cost basis
- Application fees
- Lender fees
- Appraisal Fee
- Inspection Fee
- Condo Questionnaire
- Credit Report
- Debt Report
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