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The clipping this text was read from
The clipping this text was read from

There are two occasions in a homeowner's life which can be deemed grossly traumatic: selling your home, or receiving a phone call from the IRS stating you have been "chosen” to be audited. Good record keeping for the homeowner will minimize the traumatic effects of both. Here are some helpful hints:

File copies of all ownership papers - your mortgage, cancelled checks showing home purchase costs, and so forth. Also keep all evidence of home improvements - receipts, contracts, and cancelled checks. The purchase costs and home improvement bills will affect how much capital gains

91.5%