turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Where do I input the cost of improvements for the house that I sold? Is that to be included with the sales cost question?

I am under the impression that adding home improvement costs to sale of the home will cut the capital gains costs?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
MinhT
Expert Alumni

Where do I input the cost of improvements for the house that I sold? Is that to be included with the sales cost question?

You add the cost improvements you paid to the cost basis of the house. Adding improvements to the cost basis will reduce your capital gains.

Sales expenses are closing costs, broker's commissions, advertising, etc...

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
MinhT
Expert Alumni

Where do I input the cost of improvements for the house that I sold? Is that to be included with the sales cost question?

You add the cost improvements you paid to the cost basis of the house. Adding improvements to the cost basis will reduce your capital gains.

Sales expenses are closing costs, broker's commissions, advertising, etc...

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question