TaxAudit Blog

Tag: Basis

New Roof Being Installed

Costs for home improvements, such as a new roof, add to the cost basis of your property and will reduce your taxable gain when you sell your home.

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Yellow house with white fence

Before signing on the dotted line, it’s important to understand the potential tax, liability, and equity issues of transferring your house deed to your child.

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Roof on brick house

I spent 30K on a new roof last winter after my old one collapsed under 100 inches of snow. Where do I report the cost of the roof on my taxes?

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glasses and pen laying on top of tax form

I retired from my main source of employment due to some health issues, but I am not ready for Social Security and I am not yet retirement age at 57.

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