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Deductions & credits
Thanks DaveF1006 for your kind answer. I looked back in my records and found my bank had an appraisal done on the construction project. It allowed the bank to determine what the completed home would be valued at. I think this would be more acceptable to the IRS as a cost basis since it was done at the time of construction and reflects the value at that date. Would this be a better choice?
Thank you in advance.
‎April 12, 2022
9:26 AM