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Joined: Jan 2009
Posts: 11,115
Campfire Outfitter
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OP
Campfire Outfitter
Joined: Jan 2009
Posts: 11,115 |
If/when a person sells his primary residence, How much does .gov grab?
Built the house 24 years ago, Would this be a question regarding capital gains or what?
Thanks.
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Joined: May 2009
Posts: 1,297
Campfire Regular
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Campfire Regular
Joined: May 2009
Posts: 1,297 |
None up to 500k gain for a married couple.
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Joined: Jan 2009
Posts: 11,115
Campfire Outfitter
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OP
Campfire Outfitter
Joined: Jan 2009
Posts: 11,115 |
None up to 500k gain for a married couple. You mention gains, I built the house, and there was no actual purchase price, How would the gain or profit be established?
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Joined: Oct 2002
Posts: 9,744
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2002
Posts: 9,744 |
None up to 500k gain for a married couple. You mention gains, I built the house, and there was no actual purchase price, How would the gain or profit be established? The cost basis would include your property purchase price (up to the homestead area if your state considers that) and the cost of materials/labor in building your house (receipts if you have them will help) along with any improvements. Anything above the cost basis you can prove would be the capital gains.
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Joined: Jan 2002
Posts: 12,426
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2002
Posts: 12,426 |
You may have had an appraisal done at the time you did a mortgage, which would also be a credible way to establish value at completion.
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