House Value Jumping? Save Your Home Improvement Receipts (@ronlieber @Your_Money @nytimes)

By June 9, 2015Uncategorized

Over the past twenty years, homeowners in cities including Los Angeles, San Diego, San Francisco, New York, and Boston have seen the value of their homes increase dramatically. So, if it ever comes time to sell the property, the gains on the sale can often be quite large, and exceed the tax-free limits.
But there are ways to offset these gains, mainly through things such as proof of the cost of home improvements, which can mean tens, and sometimes even hundreds of thousands of dollars in additional tax-free gains.

Full article at The New York Times

“If you’ve owned nearly any home here in Santa Barbara long enough, you could have a taxable gain on your home.”

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