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jskitac
New Member

sold primary residence for the last 59 years with a $700,000 profit. Made lots of improvements thru the years but don't have many receipts. How can I claim the improvements? y reciepts y recipts

 
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sold primary residence for the last 59 years with a $700,000 profit. Made lots of improvements thru the years but don't have many receipts. How can I claim the improvements? y reciepts y recipts

How can I claim the improvements?

 

It would be difficult to add the cost the improvements you made over the years to your basis if you have no idea as to what those improvements cost and the dates (at least approximate) the improvements were made.

 

The IRS does not have to allow any addition to your cost basis that you cannot show were made by virtue of some sort of documentary evidence.

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2 Replies

sold primary residence for the last 59 years with a $700,000 profit. Made lots of improvements thru the years but don't have many receipts. How can I claim the improvements? y reciepts y recipts

How can I claim the improvements?

 

It would be difficult to add the cost the improvements you made over the years to your basis if you have no idea as to what those improvements cost and the dates (at least approximate) the improvements were made.

 

The IRS does not have to allow any addition to your cost basis that you cannot show were made by virtue of some sort of documentary evidence.

Hal_Al
Level 15

sold primary residence for the last 59 years with a $700,000 profit. Made lots of improvements thru the years but don't have many receipts. How can I claim the improvements? y reciepts y recipts

Q.  How can I claim the improvements? 

A. From your own records, however weak they may be. 

 

That may not hold up, on audit. But, you situation is common enough.  Take pictures of your improvements, where possible.

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