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/u/DadDeezHome509
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I'm trying to help my widowed elderly father figure out what if any tax he owes on selling his house. He and my mother owned it for over 40 years. She passed 13 yrs ago. It was just one small cheap house when they moved in. Over the years he doubled the square footage, added a detached garage with apartment. Added a small warehouse with apartment. Added several barns. Added adjacent lot square footage through purchase of the neighboring field. But he has no paperwork or receipts for any of this. How on earth would one even go about calculating the improvements that should offset the gain? Obviously if he has to pay the difference of the original purchase price vs the 2024 selling price, it would be an insane and unfair tax bill.
submitted by /u/DadDeezHome509
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Primary owned for 40+ yrs. Tax?
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submitted by /u/DadDeezHome509
[link] [comments]
Primary owned for 40+ yrs. Tax?
Continue reading...