I appreciate your guidance. So I can enter the total amount of FMV + any Improvement.
After this entry, Doe the TurboTax determine if I am eligible for $250,000 Deduction or not?
Is there any place to enter the Expense on purchasing this home, also?
I would like your advice on TurboTax entry.
In the TurboTax Home sales > Adjusted cost basis Easy Guide > "Enter the description and amount of any other items that increased the cost of your home at ....."
For Example:
-Your received part or all of the home through an inheritance.
-Certain legal fees related to the property.
xxx
Description of Increase: For this question, Do I enter the words " Step Up Fair Market Value upon death Title Community Property with Right of Survivorship" ?
Amount: Do I enter the differences amount of FMV at the death of my spouse and our original purchase price here?
Thank you very much for your help.
