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Stevex718
New Member

I bought a home and made home improvements. Where can I put that information?

 
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DexterS
New Member

I bought a home and made home improvements. Where can I put that information?

If this is your personal residence you don't enter it anywhere on your tax return.

If you use it as your personal residence for more than two years, and then sell it,  you may exclude up to $250,000 of capital gain for a single filer or $500,000 of gain for married filing joint. 

Keep track of the amount you spend.  If you sell the home in less than two years you may have a taxable gain.  The money you spend on improvements will be added to your basis to reduce any taxable gain.

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