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Investors & landlords
I agree with Opus 17. Sweat equity, the value of your labor, adds $0 to your tax basis. only your out-of-pocket costs including the cost of the land, title costs, lawyer fees, etc are included in your tax basis. any selling costs would reduce your gain. Hopefully, you can come up with support for enough costs so that your gain will be less than the $500,000 home sale gain exemption.
‎September 8, 2021
4:34 PM