Maintaining Records for Principal Residential Improvements
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One reason Congress expanded the exclusion of gain on the sale of a principal residence and eliminated the deferral provision was to eliminate the need for many taxpayers to keep records of capital improvements that increase the basis their residence.
Why might taxpayers still need maintain such records to substantiate adjusted basis of their principal residence?
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Solution Summary
The solution describes why homeowners might still keep track of expenses related to home improvement despite the elimination of capital gains on the sale of a primary residence.
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The primary reason a home owner might still need to keep track of the adjusted basis of their primary residence would be if they failed to maintain residency at that home for the required ...
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