I need to know where to record the capital improvements to the sale of my primary home. I have exceeded the $250K capital gains allowance and I want to reduce my capital gains by the amount of $capital improvements I made to the home. Where, in turbo tax, do I record the costs for capital improvement?
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In the section for the home sale you report the Adjusted Basis of the home which includes the purchase price plus the cost of any improvements to the home prior to the sale. If you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported.
In the section for the home sale you report the Adjusted Basis of the home which includes the purchase price plus the cost of any improvements to the home prior to the sale. If you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported.
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