Friday, May 06, 2016

Total Cost Basis

Ugh spending the weekend collating/sorting/data entering into a spreadsheet 8 years worth of builders/construction material purchases/legal costs for the combination of our 3 apartments and various renovations/upgrades over the last 8 years........promised my wife i would do it once the total costs basis of the property went over the $500k tax threshold and never thought it would so many years ago....

eg every receipt over $500k is worth 20% saving in capitals gains tax so worth it........but at least 100 times today i thought.....would be easier to sell the apartment, move and start the threshold again than do this. (you can claim every 730 days and dont need to reciept as long as under $500k).

lol if you own property and live in the USA spend at least 5 mins reading this in advance -  so you can save yourself some money AND know what reciepts to keep/throw away rather than just putting them into folders for 8 years like i did.

I know its very
#FirstWorldProblems but I #BlameObama :)

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