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I sold a home last year. This home was first purchased in Sept. 2007, and then refinanced in April 2013. Which date do I input as date bought?
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I sold a home last year. This home was first purchased in Sept. 2007, and then refinanced in April 2013. Which date do I input as date bought?
The loss on the sale of a personal residence, not used as a rental or in a business, is not reported on a tax return. Unless a Form 1099-S was received then the sale is reported regardless of the gain or loss.
The purchase date is when the residence was initially purchased, not when it was refinanced. The Adjusted Basis of the home is the original purchase price plus the cost of any improvements to the home.
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I sold a home last year. This home was first purchased in Sept. 2007, and then refinanced in April 2013. Which date do I input as date bought?
The loss on the sale of a personal residence, not used as a rental or in a business, is not reported on a tax return. Unless a Form 1099-S was received then the sale is reported regardless of the gain or loss.
The purchase date is when the residence was initially purchased, not when it was refinanced. The Adjusted Basis of the home is the original purchase price plus the cost of any improvements to the home.
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