I sold my home and am working on the Adjusted Cost Basis section which has a place to fill in Special Tax assessments. The help says "If your city or locality adds sidewalks or sewer connections or some other improvement to your area and then assesses you for your pro rata share of the improvement, include the amount you were assessed."
I have my tax bills and there is a Special Assessment section but I don't know which ones, if any, that I can use.
They have descriptions like "Vector Control", "Flood Control", "Asmt Dist 1", "County Library", "Mosquito Assessment", "Cln Safe CRKS", "Measure B 2010", "Safe Clean Water", "Measure C", etc.
Can I just use the total amount shown for Special Assessments on my property tax bills or do I need to research each assessment?
You'll need to sign in or create an account to connect with an expert.
No, you should contact the city or county to see exactly what the funds were used for. The county library for example would not be part of your cost basis. Only those items that would affect your property value, as mentioned, sidewalks, sewer that directly relate to your property.
Don't forget to add the purchase expenses when you bought the home and any capital improvements you made after purchase. Add these to your cost basis. Also, if you qualify, you may be able to exclude gain.
No, you should contact the city or county to see exactly what the funds were used for. The county library for example would not be part of your cost basis. Only those items that would affect your property value, as mentioned, sidewalks, sewer that directly relate to your property.
Don't forget to add the purchase expenses when you bought the home and any capital improvements you made after purchase. Add these to your cost basis. Also, if you qualify, you may be able to exclude gain.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mrschasez69
New Member
rick-sojda
New Member
mmdesq2
New Member
rednjen
Level 1
tomlamson
Level 3
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.