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]

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]

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

[mmcclure01]

no. profit was approximately $28,000

[mmcclure01]

thank you!

[BobinCT]

You are welcome.  Always happy to deliver good news.

[BobinCT · Accepted solution]

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]

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?