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Old 05-11-2021, 07:43 AM
 
88,469 posts, read 86,062,026 times
Reputation: 63744

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Quote:
Originally Posted by NYCresident2014 View Post
I'm not so sure. I'm not a personal tax expert, but I quickly googled it and found this article- https://www.nolo.com/legal-encyclope...tax-basis.html

It indicates that home insurance proceeds (i.e. "casualty loss proceeds") reduce basis, and the repairs increase basis. So on net, the basis would only go up by the amount paid in excess of the insurance proceeds.
That is usually the deal
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Old 05-11-2021, 08:11 AM
 
518 posts, read 538,303 times
Reputation: 926
Quote:
Originally Posted by Chas863 View Post
You can add the full amount that the new roof cost.
No! Only the amount you paid out of pocket.
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Old 05-11-2021, 10:11 AM
 
1,793 posts, read 847,872 times
Reputation: 6398
Quote:
Originally Posted by NYCresident2014 View Post
I'm not so sure. I'm not a personal tax expert, but I quickly googled it and found this article- https://www.nolo.com/legal-encyclope...tax-basis.html

It indicates that home insurance proceeds (i.e. "casualty loss proceeds") reduce basis, and the repairs increase basis. So on net, the basis would only go up by the amount paid in excess of the insurance proceeds.
Thanks to you and others who brought this to my attention. I THOUGHT I was correct in what I said, but clearly I was mistaken. My apologies to everyone. It's too late for me to go back and correct my post. Sorry about the bad advice I gave.
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Old 05-11-2021, 10:57 AM
 
Location: USA
2,526 posts, read 996,270 times
Reputation: 7191
And keep all the receipts and cancelled checks (or credit card statements) as proof of payment.
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Old 05-11-2021, 12:14 PM
 
169 posts, read 152,366 times
Reputation: 269
As others mentioned, there are several expenses a single homeowner can deduct from any gain you have over 250K (you will need receipts since you're very likely to be audited by the IRS when you claim this). Definitely home improvements but also any type of selling expenses including:
advertising
appraisal fees
attorney fees
closing fees
document preparation fees
escrow fees
mortgage satisfaction fees
notary fees
points paid by seller to obtain financing for buyer
real estate broker's commission
recording fees (if paid by the seller)
costs of removing title clouds
settlement fees
title search fees, and
transfer or stamp taxes charged by city, county, or state governments
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Old 05-13-2021, 09:04 AM
 
Location: Here and there, you decide.
12,702 posts, read 25,249,474 times
Reputation: 4795
Quote:
Originally Posted by hooligan View Post
Did he? I'm pretty sure he didn't.
It’s coming I believe

Just like he said no new taxes for anyone making under 400k.... that’s bs since the cost of goods on just about everything went up..so you are paying more one way or another
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Old 05-13-2021, 12:21 PM
 
Location: East Lansing, MI
19,185 posts, read 10,797,006 times
Reputation: 7266
Quote:
Originally Posted by airics View Post
It’s coming I believe

Just like he said no new taxes for anyone making under 400k.... that’s bs since the cost of goods on just about everything went up..so you are paying more one way or another

"It's probably coming" wasn't the claim that was made, however.

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Old 05-13-2021, 12:35 PM
 
Location: Vermont
11,034 posts, read 12,546,492 times
Reputation: 16235
Quote:
Originally Posted by airics View Post
It’s coming I believe

Just like he said no new taxes for anyone making under 400k.... that’s bs since the cost of goods on just about everything went up..so you are paying more one way or another
You realize there's a difference between taxes, which are imposed by the government to pay for government services, and the cost of goods, right? It's been a long time since the president has had the power to set the prices of goods on the market.
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Old Yesterday, 03:01 PM
 
6,095 posts, read 2,944,238 times
Reputation: 4145
Quote:
Originally Posted by jackmichigan View Post
Well, you could get married...but that's going to cost you a LOT more!

absolutely hilarious ............. and true.
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Old Today, 05:29 PM
 
Location: Phoenix AZ
6,285 posts, read 12,828,906 times
Reputation: 10329
Why are we whining about paying a small tax on a gain that wasn’t based on your labor?

Put $100k on my bank account & I’ll gladly pay a 20% tax.

So much angst over a tax that you’re *lucky* if you get the opportunity to pay once in your lifetime.
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