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re: Does anyone know how I am to be taxed on a home sold?
Posted on 1/12/22 at 12:57 pm to shoelessjoe
Posted on 1/12/22 at 12:57 pm to shoelessjoe
That's the allowable increase over original purchase price and any renovations/upgrades that you made. Not sure, but you probably need invoices for remodeling/upgrades to make adjustment to original purchase price.
0
Posted on 1/12/22 at 3:16 pm to Sal Minio
quote:
Would this be applicable to a sale in 2021?
Theoretically they could write the bill retroactive to 2021. Practically speaking, returns are due in 3 months and congress seems focused on the voting bill right now, so I think if you sold in 2021 then you are probably okay.
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