✉news BusinessPersonal Finance first seen 20 h ago, last 10 h ago, peak #10
Missing Receipts Could Cost Homeowner $600,000 Sale in Taxes
Original: Thirty Years of Kitchen Remodels and Not One Receipt. A 72-Year-Old's $600,000 Home Sale Will Be Taxed Like Pure Profit
A 72-year-old homeowner selling a house for $600,000 faces a capital gains tax bill treating nearly the whole sale price as profit, because she kept no receipts for roughly thirty years of kitchen remodels and renovations. Without documentation, those improvement costs cannot be deducted from the taxable gain. The case is a warning to homeowners to save records of home improvements before selling.
Why now: It highlights a common and costly tax pitfall for older homeowners selling long-held homes without records of renovations.
Evidence
- Thirty Years of Kitchen Remodels and Not One Receipt. A 72-Year-Old's $600,000 Home Sale Will Be Taxed Like Pure Profit · 24/7 Wall St.
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