Second home cost basis

[SW29]

Can I use a 2020 appraisal to determine the cost basis of a second home I sold in 2020, in order to determine cap gains?    Or am I require to calculate the cost basis using purchase price + improvements.  The second home was not rental property, nor my primary residence.  Thank you.

[tagteam · Accepted solution]

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@SW29 wrote:

Or am I require to calculate the cost basis using purchase price + improvements.

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If you purchased the home, then you need to use the purchase price plus improvements as your basis. 

[SW29]

Thank you for your answer.  This was my view as well, but I wanted a 2nd opinion just so I was certain.