Message Font: Serif | Sans-Serif
No. of Recommendations: 4
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.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.