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pbrown7
New Member

We will be selling our primary residence in about 10 years. Do we need to save all the receipts for capital improvements we have made? (To adjust basis value?)

We just want to know if we really need to save all the paper receipts. To backup our claim of capital-improvement-basis-adjustments on the basis value of the home.
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KatrinaB
Intuit Alumni

We will be selling our primary residence in about 10 years. Do we need to save all the receipts for capital improvements we have made? (To adjust basis value?)

I would keep all related receipts in a folder. that way you can correctly determine your basis upon sale. Please view the Turbo Tax FAQ below, fro more information.

https://turbotax.intuit.com/tax-tools/tax-tips/Home-Ownership/Home-Improvements-and-Your-Taxes/INF12...

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KatrinaB
Intuit Alumni

We will be selling our primary residence in about 10 years. Do we need to save all the receipts for capital improvements we have made? (To adjust basis value?)

I would keep all related receipts in a folder. that way you can correctly determine your basis upon sale. Please view the Turbo Tax FAQ below, fro more information.

https://turbotax.intuit.com/tax-tools/tax-tips/Home-Ownership/Home-Improvements-and-Your-Taxes/INF12...

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