What if I want to sell my home of 35 years but do not have anymore the records of purchase and/or carry-over from previous homes. Will the IRS simply accept my word for cost basis?=== === ===Any gain on the sale of a personal residence is not taxed if it was your main home for at least two years during the 5-year period ending on the date of sale, and if the gain is under $500,000 if filing as MFJ, or $250,000 if filing as "single." See p. 116ff of IRS Publication 17 for details.HTH--BigBunk
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra