Capital gains on the sale of a new home?

forgop · 05-21-2010, 05:23 AM

So, our house is going on the market in a couple of weeks and the realtors we're meeting with seem to be very confident of a selling price of around $30k more than we actually paid for the home in 2002 (shocking even in this market for me). Anyway, we've obviously made some improvements from the original purchase price like a 500 sq ft stamped concrete patio, privacy fence, and updated the carpet 2 years ago to the top of the line stuff. Is there a way to take account for this stuff other than going by the price in the purchase agreement in both instances so I can keep from getting hit with a capital gains on it?

05-21-2010, 05:23 AM	#1
forgop Not a puffer Join Date: Oct 2008 First Name: Duane Location: Indianapolis, IN Posts: 2,869 Trading: (40)	Capital gains on the sale of a new home? So, our house is going on the market in a couple of weeks and the realtors we're meeting with seem to be very confident of a selling price of around $30k more than we actually paid for the home in 2002 (shocking even in this market for me). Anyway, we've obviously made some improvements from the original purchase price like a 500 sq ft stamped concrete patio, privacy fence, and updated the carpet 2 years ago to the top of the line stuff. Is there a way to take account for this stuff other than going by the price in the purchase agreement in both instances so I can keep from getting hit with a capital gains on it?