Skip to main content
February 16, 2024
Question

Permanent improvement to calculate adjusted cost basis for home sale

  • February 16, 2024
  • 1 reply
  • 0 views

Does finishing a basement qualify as a permanent improvement? I assume yes, but wanted to ask for feedback. Thanks.

    1 reply

    DoninGA
    Employee
    February 16, 2024

    Yes, the cost of finishing a basement would be a home improvement and should be added to the Adjusted Basis of the home when being sold.