I lived in my home for 18 years, paid 80,000 for it in 1994. It's worth about
150,000 now. My problem with taxes now is that i didn't keep up with all receipts for improvements and repairs made over the years. Where would it hurt me if i simply entered nothing for repairs and improvements? I'm sure i would not get to depreciate as much each year, but would it also affect me if I were to sell the house for 150,000 sometime down the road? Would i get stuck with paying taxes on 150,000 - 80,000 in gain? If so, can i estimate repairs and include the major upgrades without having the receipts? Thanks!- posted
11 years ago