Minimizing Gain on Home through Basis Adjustment

When a taxpayer sells a house, they have the opportunity to take a capital gain exclusion up to a certain amount of the gain from selling the house. In the situation where the gain actually exceeds the exclusion amount, the taxpayer can add home improvements and expenditures to the basis to try to minimize the gain. It is extremely important that you keep all your documents that involve buying and improving a home. If in the future you decide to … Read more