Where do I report the renovation costs to add to the basis of the house?
Do I add the renovation costs done in 2007 on my 2007 return or is it added to the basis on the return after you have sold the house? Which form is it for the basis?
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Tagged as: renovation
If this is your personal residence, you add costs of improvements to the basis of your home – they might save you taxes when you sell. It has no effect on your 2007 return unless some of the expenses qualify for a residential energy credit.