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The Cohan Rule: Estimate Your Expenses For IRS Deductions

Question: I built my own house. At first I stuffed receipts into a folder but toward the end when things got hectic, I forgot. I probably have receipts amounting to a quarter of what I believe I spent, land included. How can I establish a credible basis when it comes time to sell? The good news is the house is probably now worth a million and I think I spent less than $ 150k. Warren.

Answer: Warren, We all have those stuffed receipts, although usually they are in a shoe box and not a folder. But all is not lost. Remember …
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