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I lost my original escrow papers from 3/15/1975. My tax

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I lost my original...

I lost my original escrow papers from 3/15/1975. My tax adviser needs the original purchase price (official doc.) to calculate my taxes, and deduct the renovations etc. over time.

Accountant's Assistant: Where is the property located?

Redondo beach, ca

Accountant's Assistant: Has any paperwork been filed?

I assume so. I have the grant deed.

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

Not that I can think of.

Submitted: 1 year ago.Category: Tax
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Answered in 5 hours by:
4/2/2017
Tax Professional: Michael Hanley, Certified Public Accountant (CPA) replied 1 year ago
Michael Hanley
Michael Hanley, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 25
Experience: Managing Partner at Michels & Hanley CPAs, LLP
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Hello, I am a CPA based in NY and I would like to assist you with this.

Assuming this is your personal residence, you are most likely entitled to either a $250k or a $500k capital gain exclusion on the sale of the property ($250k if you are single/married filing separately, $500k if you are married filing jointly). Assuming the sale price minus your original purchase price minus closing costs on the purchase minus renovations over time minus closing costs on the sale results in a gain under those $250k and $500k figures, estimated figures related to the original purchase and original closing costs should be all the accountant needs.

If you did realize a gain of an amount higher than your capital gain exclusion, you should explore a few more options to see if you can track down the original information before resorting to using estimated figures for the purchase price and closing costs:

1) Contact one of the attorneys who handled the original closing (either your attorney or the seller's attorney) and ask for a copy of the closing statement. Records going back to 1975 may not be available, but it's worth a phone call.

2) Assuming you obtained a mortgage when originally purchasing the property, contact the original lender and ask for a copy of the closing statement. Again, records going back to 1975 may not be available, but it's worth a phone call.

3) Contact your town and/or county and see if you can track down any original deed recording, mortgage recording, other other paperwork that will show the original purchase price. You will have to estimate the closing costs, but having the actual purchase price may help

4) Search for your address on Zillow. Many times, Zillow will list the sale details for a given property (sale date and sale price). I don't know how far back Zillow's records go, but it's worth checking out just in case they do have the purchase price listed. Again, you'll have to estimate closing costs in this scenario, but at least you'll have the purchase price.

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