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I just sold a home that I built 8 years ago. I did not get

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I just sold a home...
I just sold a home that I built 8 years ago. I did not get a loan as I PAID CASH FOR ALL THE MATERIAL AND CONSTRUCTION COST how do I figure the value of that home. No records were kept
Submitted: 2 years ago.Category: Tax
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Answered in 4 minutes by:
7/7/2015
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,880
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello,It is a problem that you did not retain any receipts but you may be able to use the property tax assessed value for the fist year after it was completed. If this was your main home the problem may not be too bad unless you are selling for more than the exclusion amount allowed ($250,000 if single and $500,000 if married filing joint).Was this your main home?
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Customer reply replied 2 years ago
No second home that I have had on a land contract
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Thank you for that information. Well you will not be allowed to use an exclusion from gain so I would suggest you look back to the tax assessment in the year completed.
Any recreations you do at all (such as price history on lumber and materials form back then would also assist).
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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,880
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Experience: 15years with H & R Block. Divisional leader, Instructor

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