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Level 1

Question

Are we getting enough tax relief from making improvements on our house we sold?

Forum|Forum|5 years ago
March 29, 2021
2 replies
10 views

No text available

TurboTax Live Deluxe Online

Level 15

The cost of any improvements made on your personal residence, prior to the sale, should be included in the Adjusted Basis of home (Purchase price plus improvement cost)

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported.

Level 15

Can you clarify your question? Any improvements are added to the basis of the property and reduce your gain.