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November 7, 2023
Question

Real estate taxation-gain on sale of home

  • November 7, 2023
  • 1 reply
  • 0 views

Im selling my home  owned for 30 years, with a gain of $366K.  I dont have receipts showing cost of many capital improvements added over the years. To what extent will IRS be likely to be trusting,  re the $250K exclusion from capital gains tax? 

1 reply

DoninGA
Employee
November 7, 2023

It is extremely rare that that IRS will ever question a home sale and the capital gain exclusion where you have owned and lived in the home for 30 years.