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This is all true, but I still believe that spending an inordinate amount of time calculating your gains and adjusting your cost basis is a waste of time for most people. In my own case any time spent above zero seconds is too much. I have been in my home about 14 years. To date we have only used about 20% of the CG allowance.

Until 1997, you still had to keep track of adjustments to your cost basis. So, if you weren't keeping track of the adjustments before that, you were gambling with a future tax bill. On the other hand, you may have misinterpreted part of my position. I wouldn't spend any time NOW calculating my adjusted cost basis. I would only keep track of the necessary adjustment items by keeping the relevant receipts in a common location. I wouldn't actually calculate anything until such time as I was contemplating selling my property.

Ira
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