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Level 1
posted Feb 15, 2021 8:02:25 AM

Adjusted Basis on Inherited home

I inherited my mother's home and sold it 3 months later. I have researched but still unclear if I can deduct the following expenses from the Fair Market Value to lower my basis. My expenses were 3 months utility bills(gas, water and electric) , Insurance, termite treatment-home had termites, appraisal, replaced broken window and cleaning expenses including a dumpster charge. No one lived in the home after I inherited it. Which are deductible or not?   Thank You 

0 1 169
1 Replies
Level 15
Feb 15, 2021 8:22:45 AM

Per Section 212, expenses incurred for the management, conservation, or maintenance of property held for the production of income are deductible.