Planning to sell my home in Texas but my primary home is in Florida (Capital gains question)

[dlukose]

My wife and I purchased our Texas home in 2010 for $150,000 and we relocated to Florida in 2013. We kept the home and used it as a second home to stay in while we visited our friends and family. Currently we are in the process of remodeling the home and looking to spend $80,000 to remodel. Would we be able to deduct the remodel cost after we sell the property? 

[Opus 17]

The cost of improvements adds to the cost basis and reduces your taxable capital gains.  See publication 523.

https://www.irs.gov/forms-pubs/about-publication-523

[xmasbaby0]

x