[Luke]

Use receipts and any financial expenses you paid to calculate cost basis. Then see how much gain against 250k/500k exemption.

You don’t need to provide any receipts to file tax return, only when you are audited.

[Devon]

You built it on land you already owned? Closing statement from the land purchase plus contract with a builder if you used one, or receipts for materials and labor if you didn’t.

[Kristina]

Save all your receipts and bank statements.

[DM Washington]

You need all receipts to prove cost basis.

[Bo Avakian]

I don’t think bank statements will help.

You need to have receipts to prove what the money was spent on.

If you received “discounted” materials or labor then you will not be able to substantiate your expenses.

If you cannot substantiate your expenses you cannot establish a cost basis.

[Author]

Posts