Sale of House

[pb4uski]

So OP, what happened?

 

[ncbill]

If the other items are furniture, you will have to prove a cost basis for them - which you probably don't have. If the furniture (or electronics/whatever) is over 5 years old, the theoretical life of those items may have a basis of zero at this point. Either way it is a headache, and you will have to pay tax.

When getting my mom's home ready for sale I got bids from multiple local buyers (mostly antique shops) & sold her furniture & other household goods (her estate sale purchases brought the most $$$ after furniture) for over $35k...and it was not a big house.

Had someone come in and wanted to buy the home with all the above included I would have charged them more than $35k.

She had kept all her sales receipts, though unsurprisingly she realized a loss on the above sales.

I'm not aware of any legal requirement to depreciate personal property ("basis of zero") on resale.