My adjusted basis was just under $415k, and I paid $405k for the house. And no, I only lived in it 21 months. She and her husband had been trying to buy a house as they are expecting and kept getting outbid, so I sold her mine and bought a new one. She used the equity as a down payment and paid enough to get the financed amount below 80% ($412k)so she didn't have to pay MI. I took $25k of the equity so that I could use as a down payment to get below the jumbo loan amount for the house I bought.
The closing docs say sales price was $515k. So I included $78k (515k-412k-25k) as part of the cost basis so it showed I got the 25k. It didn't seem to affect my overall tax, so I'm happy about that.
The last house I owned I sold in 2016 and made no $ on it.
No spouse but I do have a significant other who I've been with 20 years. He's 12 years older than I and the stairs in the house became an issue and we really needed a single story.
The appraisal was required for my daughter to get her loan, so I can't take credit for that haha.
