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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?
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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.
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