Question

Property Upgrades

Forum|Forum|3 years ago
November 16, 2022
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gregdawn7Author

When selling a primary home what property upgrades can be used to offset any capital gains. My home was purchased in 1974 for $56,000 and now is valued at $950,000 - a $894,000 value increase. I know I can deduct $500,000 (for my wife and I) leaving a $394,000 taxable gain. During the 48 years we have lived there we have added patios, retaining walls, block walls, new roof etc. What can be deducted and what proof is needed for these expenses over the 48 years?