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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.
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.
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
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
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.
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.
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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