Back story; bought our first home in 2007, lived there as our primary residence till 2017 where we bought our current home. My in-laws moved into our first home, we didn't really consider it a rental. We sold our first home last year, am I filling out this investment form correctly (screenshot below)? We weren't given a 1099-S
Original purchase: $86,500
Upgrades to first home: $3,700 (added central air)
Total Amount Paid: $91,200
Sold: $125,000
Paid for closing costs: $5,000
Realtor fees: $7,500
Proceeds: $112,500
I did these calculations based off of this article. https://smartasset.com/taxes/capital-gains-on-sale-of-second-home
Thoughts? Am I right or close on this?
