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What is adjusted basis of home sold. I sold my primary house

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What is adjusted basis of...
What is adjusted basis of home sold.
I sold my primary house August of 2015 for $35,000.00.
I bought the house July 1975 for $18,000.00.
What is adjusted basis of home sold?
Submitted: 1 year ago.Category: Tax
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1/30/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,132
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The basis is your original purchase price - $18,000

The basis is adjusted by some items occurred during the time you owned the property.
See following publication - page 99

https://www.irs.gov/pub/irs-pdf/p17.pdf

Table 13-1. Examples of Adjustments to Basis

For instance - additional to your home, complete remodeling, new roof - these are examples of improvements added to the basis.

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Tax Professional: Lev, Tax Advisor replied 1 year ago

.

Another issue - if the property was owned and used as your primary residence at least two out of last five years before the sale - you would be able to exclude the gain from taxable income.

If so - the gain (if any) is less that allowable exclusion ($250,000 for a single person) and you would not need to worry about calculating adjusted basis.

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