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gregdawn7
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Property Upgrades

 
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2 Replies

Property Upgrades

This is not live chat and we cannot see your screen.  Could you elaborate so we know how to help?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
gregdawn7
New Member

Property Upgrades

When selling a primary home what property upgrades can be used to offset any capital gains. My home was purchased in 1974 for $56,000 and now is valued at $950,000 - a $894,000 value increase.  I know I can deduct $500,000 (for my wife and I) leaving a $394,000 taxable gain. During the 48 years we have lived there we have added patios, retaining walls, block walls, new roof etc.  What can be deducted and what proof is needed for these expenses over the 48 years?

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