Reporting New Property to the IRS

[Amjad Farooq]

Hi everyone,

I purchased a house with cash for $100K in 2014. I spent another $50K to remodel this house. Do I need to report the following to the IRS on my 2014 tax returns?:
(1) Purchase of this house for $100K
(2) Another $50K remodeling costs
(3) If I do not need to report either [1] or [2], how and when do I increase the cost basis of my house in order to reduce my tax burden when I sell it (say for $500K)?

Thank you!