topic Postponed Gain from home sale prior to 1997 in Get your taxes done using TurboTax

Postponed Gain from home sale prior to 1997

jeff241 — Fri, 13 Dec 2024 16:49:51 GMT

I sold my home in 2024 but have lost all records related to postponed gain from sale of previous house in 1976. I do have a deed showing the cost of the previous home and the sold price info. I can list the improvements I can remember making. Can I estimate those costs to determine gain?

Re: Postponed Gain from home sale prior to 1997

Mike9241 — Mon, 16 Dec 2024 17:01:56 GMT

As good as anything. if audited, no one can tell you if the IRS will accept those numbers. Also if you meet the present home sale rules you would qualify to exclude $250K if single or married filing separately or $500K if married filing jointly.