Can I use a 2020 appraisal to determine the cost basis of a second home I sold in 2020, in order to determine cap gains? Or am I require to calculate the cost basis using purchase price + improvements. The second home was not rental property, nor my primary residence. Thank you.
@SW29 wrote:
Or am I require to calculate the cost basis using purchase price + improvements.
If you purchased the home, then you need to use the purchase price plus improvements as your basis.
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