- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Calculating basis of my primary residence - records and owner supplied labor
I'm trying to calculate the basis of my home that I have lived in for 30+ years. I have good records for some improvements, such as a recent major master bath remodel. For some earlier projects, I kept a running tally of expenses on a spreadsheet - with vendor names, dates, and costs - but in many cases I don't have paper receipts, and expenses were too long ago to produce credit card statements, etc. Is the tally of expenses enough to justify these expenses?
Additionally, I added crown molding in much of the house - supplying most of the labor myself. I know that in general I likely can only count the cost of the materials and not the value of my labor. However, I did need to purchase tools to do the job and wonder if I can include that cost as well as the cost of the materials. Tools and materials will still add up to less than a third what professional installation would have cost.