The importance of saving home repair receipts
Submitted by Matthew Binggeli, president of M.B. Roofing, Inc.
It is a good idea to save your receipts for any home repairs.
You may add some of those costs to your cost basis when selling your home. For example, when you purchase a $200,000 home, spend $50,000 in repairs and you sell your home for $300,000, you need only recognize a gain of $50,000 instead of the entire $100,000, thanks to the repair receipts. Everybody’s situation varies, so always check with your tax preparer.
Binggeli is the president of M.B. Roofing, Inc. in Riverside Missouri. M.B. Roofing has been serving the Kansas City metro area since 1996. As of Nov. 11, 2011, this service provider was highly rated on Angie’s List. Ratings are subject to change based on consumer feedback, so check AngiesList.com for the most up-to-date reviews. The views expressed by this author do not necessarily reflect those of Angie’s List.