I sold my home in 2017, I want to the Adjusted Cost Basis to offset the sale profit mad. I purchased the home in 2010 and I don't have the paperwork that reflects costs?

mmcclure01 · ‎June 4, 2019

I see that there are several fees, added costs, and other expenses that can be used to ease my tax burden. Since I dont have paperwork from the purchase, can I estimate these? What other options are open to me?

BobinCT · ‎June 4, 2019

If it was your main home for at least 24 months during the last five years, you will owe no tax (the first 250,000 of profit is exempt). Unless you get a 1099-S you don't even report the sale on your tax return.

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BobinCT · ‎June 4, 2019

Do you think you had a profit of over $250,000? Did you get a Form 1099-S?

mmcclure01 · ‎June 4, 2019

no. profit was approximately $28,000

mmcclure01 · ‎June 4, 2019

thank you!

BobinCT · ‎June 4, 2019

You are welcome. Always happy to deliver good news.

BobinCT · ‎June 4, 2019

If it was your main home for at least 24 months during the last five years, you will owe no tax (the first 250,000 of profit is exempt). Unless you get a 1099-S you don't even report the sale on your tax return.

hecker_winey · ‎February 5, 2020

What if we didn't like in the house since 2010 and we don't have the paperwork from when we bought it in 1984?

I sold my home in 2017, I want to the Adjusted Cost Basis to offset the sale profit mad. I purchased the home in 2010 and I don't have the paperwork that reflects costs?