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Updated about 6 years ago,
2nd home sale cost bases insurance
We had a fire at the house and have put $60K of our own money and $165K of insurance money into the home to repair it. When we sell the property, does the insurance money that was used to improve the home count towards our cost bases to limit our taxes? The insurance was paid to us, I hired and paid the contractor directly. I'm assuming no but need to ask.