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Temporarily embarrassed millionaires pt. 2 (sh.itjust.works)

submitted 10 months ago by brbposting to c/[email protected]

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[–] [email protected] 1 points 10 months ago (1 children)

Realistically, if you can show “normal” bills related to wear&tear and maintenance, that gets you out of paying taxes

But is that realistic? Who would keep such things over potentially their whole adult life? Even knowing that, I replaced my roof about 5 years ago and already misplaced those receipts. I do t know how people do it

[–] abraxas 1 points 10 months ago* (last edited 10 months ago)

I'd ask a lawyer. I'm pretty sure estimated costs and maintenance averages can be applied. I've known people who have sold their life-long residences in MA and not a one that I know has ever had to pay a penny in taxes.

Only person I know who ever had to pay taxes on a house sale like that was a friend who suddenly came into a lot of money and chose to sell their house (bought way undervalue and sold for much higher) before the 2 year residency mark that would trigger homestead protections.

And remember, if your'e selling something for hundreds of thousands of dollars there's always financial crap you gotta figure out. You always want an expert on your side telling you like it is.