Solved: What if I no longer have documentation re: a home I purchased in 2004 and sold in 2017? I need this information to include in the Adjust Cost Basis section.
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
akgarcia
New Member

What if I no longer have documentation re: a home I purchased in 2004 and sold in 2017? I need this information to include in the Adjust Cost Basis section.

 
1 Best answer

Accepted Solutions
MichaelL1
Level 15

What if I no longer have documentation re: a home I purchased in 2004 and sold in 2017? I need this information to include in the Adjust Cost Basis section.

If this is your primary residence your gain may be excluded from income anyway, but the best thing to do, is try to reconstruct the best you can.  

Perhaps check with the county if they have records back from 2004, when purchased.  Just do the best you can and document what you did to arrive at a cost.

Then over the years you owned it think about what you may have done, such as adding a deck, a room addition, and other items that can be added to the basis.

If you make no attempt to reconstruct this you will have to use $0 as cost. However, IRS can be very good about accepting a reasonable basis if you can show what you did to arrive at a cost (only show if asked however as this does not go in with the tax return). 

View solution in original post

1 Reply
MichaelL1
Level 15

What if I no longer have documentation re: a home I purchased in 2004 and sold in 2017? I need this information to include in the Adjust Cost Basis section.

If this is your primary residence your gain may be excluded from income anyway, but the best thing to do, is try to reconstruct the best you can.  

Perhaps check with the county if they have records back from 2004, when purchased.  Just do the best you can and document what you did to arrive at a cost.

Then over the years you owned it think about what you may have done, such as adding a deck, a room addition, and other items that can be added to the basis.

If you make no attempt to reconstruct this you will have to use $0 as cost. However, IRS can be very good about accepting a reasonable basis if you can show what you did to arrive at a cost (only show if asked however as this does not go in with the tax return). 

View solution in original post

Dynamic AdsDynamic Ads
v
Privacy Settings