Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
J
jskitac
October 14, 2022
Solved

sold primary residence for the last 59 years with a $700,000 profit. Made lots of improvements thru the years but don't have many receipts. How can I claim the improvements? y reciepts y recipts

  • October 14, 2022
  • 2 replies
  • 0 views
No text available
    Best answer by Anonymous_

    How can I claim the improvements?

     

    It would be difficult to add the cost the improvements you made over the years to your basis if you have no idea as to what those improvements cost and the dates (at least approximate) the improvements were made.

     

    The IRS does not have to allow any addition to your cost basis that you cannot show were made by virtue of some sort of documentary evidence.

    2 replies

    A
    Anonymous_Answer
    Employee
    October 15, 2022

    How can I claim the improvements?

     

    It would be difficult to add the cost the improvements you made over the years to your basis if you have no idea as to what those improvements cost and the dates (at least approximate) the improvements were made.

     

    The IRS does not have to allow any addition to your cost basis that you cannot show were made by virtue of some sort of documentary evidence.

      Hal_Al
      Hal_Al
      Employee
      October 15, 2022

      Q.  How can I claim the improvements? 

      A. From your own records, however weak they may be. 

       

      That may not hold up, on audit. But, you situation is common enough.  Take pictures of your improvements, where possible.

        TurboTax Sign In Widget
        TurboTax flag icon

        Unlock tailored help options in your account

        Create an account
        TurboTax Expert Assist
        TurboTax Expert

        Get answers to all your tax questions

        Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

        Terms & ConditionsAccessibility statement
        Intuit
        TurboTax Credit Karma QuickBooks MailChimp

        ©1997-2022 Intuit, Inc. All rights reserved.
        Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
        of Intuit Inc. Terms and conditions, features, support, pricing, and service options
        subject to change without notice.

        Security Certification of the TurboTax Online application has been performed by
        C-Level Security.

        By accessing and using this page you agree to the Terms of Use.

        Accessibility

        TRUSTe nResult Certified e-File C-Level Security Certification