Question

We sold & bought a home in 2019. In figuring if we had to report the sale, I did not have the original info on the home we sold. I made educated guesses; is this ok?

Forum|Forum|6 years ago
March 2, 2020
1 reply
0 views

We had owned the home we sold for 25 years. The final gain was nowhere close to the max.

TurboTax Online

It's best not to make educated guesses it at all possible. What information were you lacking on the original home? Please provide details--we may be able to point you in a direction where you can find official records of this info.

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N

NCPERSON1

if you can't remember what you purchased the house for, call the county records office. They may have the record of the sales price.....or if there was a transfer tax, they can back into what the sales price would have been based on the tax paid.

While it's not best to guess, on the other hand there is the issue of materiality. If you are married and you sold the home for under $500,000 and you qualify for the $500,000 exclusion, just write down $0 as the cost basis- it doesn't matter - there is no tax to be paid, regardless of the true purchase price.