how does a house sale effect my taxes

PF1113 · ‎November 16, 2022

How do you determine cost basis on a home sale that was built 26 years ago without construction costs?

DavidT0202 · ‎November 16, 2022

Hi @PF1113

You will need to look through your records for the cost of the land and construction materials/labor done.

Here is a link to the IRS' website which shows what the IRS is looking for.

You will want to make sure you get your actual basis to avoid paying to much in tax on the sale.
Remember, any improvements over the years can increase your basis, so do not just look for the information from 26 years ago.

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