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Listen "Maximize Your Tax Savings: The Importance of Keeping Home Improvement Records Before Selling Your Home"
Episode Synopsis
Many taxpayers don’t feel the need to keep home improvement records, thinking the potential gain will never exceed the amount of the exclusion for home gains ($250,000 or $500,000 if both filer and spouse qualify) if they meet the 2-out-of-5-year use and ownership tests. Everyone hates to keep records but consider the consequences if you have a gain and a portion of it cannot be excluded.
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