The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: calculating basis on home||Date: 12/20/2013 5:04 PM|
|Author: ptheland||Number: 119745 of 121316|
Do the improvements have to be adjusted to your property tax basis to qualify
or can they be unpermitted work such as new doors and fixtures, new floors, countertops, etc?
And having read your related question on another board, also keep in mind that your principal residence will qualify for an exclusion of $250k of gain ($500k if you're married) providing you have owned and used it as your principal residence for at least 2 out of the 5 years before selling. So your 2011 purchase should qualify at this point.
That can make many questions about improvements unimportant. If the entire gain would be excluded without considering any improvements, worrying about documenting and including improvements is unnecessary.
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