Sold a Home vs. Have Reciepts

General Real Estate Investing
1

I just sold a home after owning it for 10 years. I put a lot of work in it. I made a few bucks. Now that I have sold it and have all the reciepts for the materials that I put into it…now what??

I know that it is tax time and that I might be able to take these receipts to better my tax sistuation?

But how does this work? What are the savings?

Can someone explain to me, maybe with some figures on how I might take advantage of turning these receipts in at tax time?

Thanks,

Joe

2

Was this your primary residence when you sold it?

3

This was my primary resident.

4

If your profit is $250K or less, then you don’t do anything except bank your profit. In your situation, you don’t report the sale of your primary residence unless your sale profit exceeds $250K.

5

…or $500K if you’re married…

Keith