Home Basis

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Instead, the amount you realize on the sale of your home and the adjusted basis of your home are important in determining whether you 're subject to tax on the .

The basis of a home or other property you receive as a gift is its adjusted basis in the hands of the gift giver when the gift was made. If you build your home yourself, your starting basis is the cost of construction..Your basis in this home is generally the same as your spouse's or former spouse's adjusted basis just before you received it. This rule applies even if you received the home in exchange for cash, the release of marital rights, theumption of liabilities, or other consideration.. For more information on basis and adjusted basis, refer to Publication 523, Selling Your Home. If you financed the purchase of the house by obtaining a mort.e, include the mort.e proceeds in determining your adjusted cost basis .The basis is also reduced by any gain from a previous home you rolled over into the house under the rules that applied before May 1997. Before the rules changed, homeowners could defer the tax on .

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