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(Solved) (Latest ver. Aug 2020) - Maintaining Records for Principal Residential Improvements

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One reason Congress expanded the exclusion of gain on the sale of a principal residence and eliminated the deferral provision was to eliminate the need for many taxpayers to keep records of capital improvements that increase the basis their residence.

Why might taxpayers still need maintain such records to substantiate adjusted basis of their principal residence?

 







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This question was answered on: Sep 16, 2020

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