adjusted cost basis on sale of second home

markdeq — Thu, 12 Nov 2020 19:43:01 GMT

Selling a second home. Home inspection found various issues including missing porch rail and damage due to water under patio doors. Rough estimate would be $3,300 dollars to correct. I offered buyer a boat, ATV and trailers valued at the same cost as the necessary home corrections. He accepted this offer. Can I use this value to increase my adjusted cost basis directly or by increasing the sale cost of the home.

Also paid $2,500 dollars directly to buyer to extend septic system from 2 to 3 bedrooms. Can this also increase the adjusted cost basis, either directly or by increasing the sale cost of the home.

Re: adjusted cost basis on sale of second home

M-MTax — Thu, 12 Nov 2020 22:52:44 GMT

You can add all of that to your basis but you'd better have everything documented as far as value.

topic adjusted cost basis on sale of second home in Investors & landlords

adjusted cost basis on sale of second home

Re: adjusted cost basis on sale of second home