topic Adjusted cost basis.... in Retirement tax questions

Adjusted cost basis....

Massimo59 — Thu, 27 Mar 2025 15:45:30 GMT

I bought my condo in California in 1995, and paid $132.5k. I sold it in July 2024 for $705k and I qualify for the $500k deduction. In 2011 I remodelled the master bathroom and the kitchen. I believe I remember how much I paid for the upgrades but I do not have receipts/checks copies proving my expenses. Any suggestions for proving how much I spent for those renovations? I am assuming bank records of those checks are purged by now..... I am just feeling uneasy in case I get audited!

Re: Adjusted cost basis....

Vanessa A — Thu, 27 Mar 2025 17:01:07 GMT

It is always ideal to have evidence of the expenses you are claiming. You can choose to not include the bathroom and kitchen remodel if you cannot find any type of old receipts showing that you made the upgrades or even an invoice from a contractor.

Re: Adjusted cost basis....

Massimo59 — Sun, 30 Mar 2025 11:32:45 GMT

Thank you for the suggestion. In the end the difference in the taxes owned would not be that high anyway. I will go with the bare cost of the property.