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We built and sold our house - tax question

Posted by marthaelena (My Page) on
Tue, Feb 17, 09 at 21:16

We were our own general contractors when we built our house in 2007 and meanwhile we were living in an apartment. By the time we were done in January 2008 someone made us an offer and decided to sell.

There is a lady who help us preparing the taxes and she is asking me how much of our own money we put to built the house since we have some capital gains. She does not need any breakdown or support, all she needs is how much money of ours we invested.
my question is:
Do I have to have 100% of the receipts for the cost of the house? I have about 96% of the subcontractor invoices but there were some things that I paid cash or lost the receipts.
For example, I did not keep gas tickets or cell phone statements or little miscelaneous receipts.
Also, every week i paid about 50 dollars to a friend for helping me to clean the site.
Are there some sort of allowances of things that I do not have to have support?

Maybe this is OT but I know there are a lot of builders here that might know about this

Follow-Up Postings:

RE: We built and sold our house - tax question

You need to have documentation for anything you claim.

If you are audited, they won't take your word for it!

RE: We built and sold our house - tax question

you can print out old statements online of cell phone bills etc. along with anything you used a card for debit/credit and that should be fine. Pure cash without receipts you're sol.

RE: We built and sold our house - tax question

Thnak you!!!

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