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?
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:
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:
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