In this video, Millonacres covers how home improvements can impact your cost basis. When you sell a property at a profit, you have to pay capital gains taxes on the sale. However, your capital gain isn’t the difference between the price you paid for the property and the price you sell it for. There are several other expenses that add to your cost basis. Knowing what expenses can and cannot be added to your cost basis helps you accurately calculate your capital gain on a real estate sale. Here’s a quick guide to calculating your cost basis, what improvement expenses are included, what you can’t include, and why it matters so much.
Which Home Improvements Add To Your Cost Basis?
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