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How do I calculate cost/basis in the property?


The additions/improvements would need to be accounted for separately but they are included in the gain calculation:

Basis is the value of an asset for tax purposes. Usually it is the purchase price. This is necessary to determine the amount of gain on your sale.

The gain is the amount you received, minus your basis. For a property, please also include the cost of any improvements or additions to the home.

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