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It is important to keep track of the
improvements to your home. They increase the basis (cost) of your home
and hence reducing the gains at the time of sale. Please refer to Table
4 in IRS Publication 530, “Record of Home Improvements”, for the type
of improvements
- Basis is the cost of your home
plus any adjustments
- Know your basis to calculate the
gain or loss after the sale
- Or, if you rent or use part of
your home for business
- IRS Publication 530, “Tax
Information for First-Time Homeowners” (useful information NOT just for
the 1st-time homeowners)
- Figuring your basis depends on
how the property is acquired
- Purchase price, if purchased
- Donor's basis, if a gift
- Fair market value, if inherited
- Adjustments that increase or
decrease your basis – Table 4 in IRS Publication 530, “Record of Home
Improvements”.
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Hossein Tolooee, GRI
Broker Associate
Residential & Investment Properties
hossein@magnetproperties.net
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Prudential Colorado Real Estate
360 S. Monore Street, 5th Floor
Denver, CO 80209
303-756-2999 (Office)
303-484-3758 (fax)
720-273-4113 (Mobile)
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