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Tabes84
Returning Member

I do not understand what "Adjusted basis of home sold" is nor do I know how to find the information. I sold my house last year and my returns on IRS.gov have not updated.

 
3 Replies
ToddL99
Expert Alumni

I do not understand what "Adjusted basis of home sold" is nor do I know how to find the information. I sold my house last year and my returns on IRS.gov have not updated.

As @DoninGA stated on a different post:

 

The Adjusted Basis of the home is the original purchase price plus certain settlement fees paid at time of purchase and the cost of any improvements made to the home prior to the sale.

 

For a detailed explanation of items that can be added to the basis of a home including types of improvements, see IRS Publication 523, specifically Basis Adjustments—Details and Exceptions

 

Tabes84
Returning Member

I do not understand what "Adjusted basis of home sold" is nor do I know how to find the information. I sold my house last year and my returns on IRS.gov have not updated.

I do not know how to calculate the adjusted basis. I understand what it is but not how to get a dollar amount.

AmyC
Expert Alumni

I do not understand what "Adjusted basis of home sold" is nor do I know how to find the information. I sold my house last year and my returns on IRS.gov have not updated.

You know how much you paid for the house originally. That is $x.

You know how much you spent on improvements to the property $y.

You know how much you paid to sell the property with realtor fees, etc, $z.

Your costs basis is $x +$y + $z.

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