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Homeowners Track Renovation Receipts to Cut Capital Gains Tax

Original: They Kept Every Receipt From the Kitchen, the Roof and the Deck. When They Sell the House Next Spring, a Large Share of the Gain Will Never Be Gain at All

Homeowners who documented every improvement to their house—a new kitchen, a replaced roof, a built deck—are being reminded that those costs can be added to the home's purchase price basis when calculating capital gains tax at sale. With a sale planned next spring, the strategy could mean a substantial share of the profit is excluded from taxation entirely.

Why now: Rising home values have made capital gains tax planning a hot topic for sellers.

24/7 Wall St.IRSUS homeowners

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• They Kept Every Receipt From the Kitchen, the Roof and the Deck. When They Sell the House Next Spring, a Large Share of the Gain Will Never Be Gain at All · 24/7 Wall St.

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