“Proving Basis in Your Home: The 2026 Cost of Bad Records“
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For decades, most homeowners never had to prove what they spent on their home. The sale exclusion swallowed the whole gain, so the receipts went in the trash.
That assumption is getting riskier every year, because the exclusion amounts haven’t moved since 1997 while home prices have roughly quadrupled.
One couple claimed $286,070 in improvements and reported no taxable gain. The IRS found only $56,284 of them. After going to court, they were still left with $101,907 of taxable capital gain.
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