Maximize Your Tax Savings: The Importance of Keeping Home Improvement Records Before Selling Your Home

deepdive.

deepdive.
Maximize Your Tax Savings: The Importance of Keeping Home Improvement Records Before Selling Your Home
May 29, 2025 Season 1 Episode 96
CountingWorks PRO Marketing Team

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.