We purchased an empty lake property 23 years ago. We cleared it, filled the low spots and built a home 1600 square foot home over the last 20 odd years. I have land and material receipts for approximately $200000 and some labor receipts for approximately $20000. We sold the property for $475000 before real estate commissions and survey costs which amounted to almost $25000. Since it was mostly my families labor that built the place can I somehow add our labor to the value of our cottage or do I have to pay capitol gains on $230000? Additionally what do I enter as a purchase date?
