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Step 4:  Calculate the Tax Basis of Your Home

While you have your calculator or your spreadsheet handy, you may want to calculate the total money you have spent on your home while owner of the property.  This is called your basis.  It is the sum of the purchase price, purchase fees, and all money you have paid to improve the home.  You must know the basis if you are to calculate the profit you must recognize or defer on your annual tax return.

Potential additions to your basis are discussed in the document below. You might want to refer to the property basis worksheet as you read the definitions.

Property Basis
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