What is the name of your state (only U.S. law)? NC
State NC
I bought a house at a foreclosure auction in January 08, fixed it and sold it in May 08. I took an interest only loan to make the purchase. During the holding period, the house was vacant (I did not rent or receive any income)
When I calculate the capital gains on the sale of the house, can I include the following to calculate the cost basis?
A) Interest paid on the loan,
B) Cost of utilities during the 5 months.
C) Home owner’s association dues paid for the 5 months
If I am not allowed to use the above to calculate the cost basis, how else I will be able to recoup the money I spent on these?
Appreciate some help..
State NC
I bought a house at a foreclosure auction in January 08, fixed it and sold it in May 08. I took an interest only loan to make the purchase. During the holding period, the house was vacant (I did not rent or receive any income)
When I calculate the capital gains on the sale of the house, can I include the following to calculate the cost basis?
A) Interest paid on the loan,
B) Cost of utilities during the 5 months.
C) Home owner’s association dues paid for the 5 months
If I am not allowed to use the above to calculate the cost basis, how else I will be able to recoup the money I spent on these?
Appreciate some help..