I know the amount I paid for the house (second home) minus the repairs and improvements. Can I just use the actual amount gained for my net proceeds?
You'll need to sign in or create an account to connect with an expert.
Your down payment has nothing to do with basis. The only things considered are purchase price, adjustments to basis and sales price in any transaction. You would not look at cash in hand or consider mortgages.
For basis adjustments see the link below.
Your down payment has nothing to do with basis. The only things considered are purchase price, adjustments to basis and sales price in any transaction. You would not look at cash in hand or consider mortgages.
For basis adjustments see the link below.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
rhalexda
Level 2
theLower99Percent
New Member
sharpecookie
New Member
Mountain Pursuits
New Member
sanae
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.