“For a 'married filing-jointly' couple, who've lived in the home two out of the last five years, the exclusion from gain would be about $500,000. For those who are single, $250,000.”
“Well it's a 15 percent federal tax, those who live in New York City, you do have New York State and city taxes which add up to another 11, 12 percent on top of that.”
“If you do not have those receipts I would certainly take pictures of those things you made improvements. And to the best you can, try to get those receipts or look for old checks, or however you may have paid, just to have that proof of record.”
