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tessie2701
New Member

Sale of secondary residence. expense of 10,000, ten years ago. I have the invoice but not corresponding bank record of payment. can I claim this expense against proceed?

 
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CarolynM
Level 1

Sale of secondary residence. expense of 10,000, ten years ago. I have the invoice but not corresponding bank record of payment. can I claim this expense against proceed?

Yes if it was for an improvement, not merely a repair. The invoice is sufficient proof. You will add the invoice amount to your cost basis, thereby reducing your proceeds. 

For more information about the tax implications of home improvements, please see:

Home Improvements and Your Taxes

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CarolynM
Level 1

Sale of secondary residence. expense of 10,000, ten years ago. I have the invoice but not corresponding bank record of payment. can I claim this expense against proceed?

Yes if it was for an improvement, not merely a repair. The invoice is sufficient proof. You will add the invoice amount to your cost basis, thereby reducing your proceeds. 

For more information about the tax implications of home improvements, please see:

Home Improvements and Your Taxes

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