topic 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? in Investors & landlords

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?

tessie2701 — Wed, 05 Jun 2019 02:14:51 GMT

Yes if it was for an improvement, not merely a repair. Th...

CarolynM — Wed, 05 Jun 2019 02:14:52 GMT

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