Hello,
Trying to decide if I should try filing my own taxes using TTPremier (?) or just use a tax accountant to file because this tax year 2024 it's a bit complicated and confusing since my siblings and I sold our deceased parent's home. I would appreciate any insights and help as to how to file if I do it using TT.
The facts are as follow:
1) Parent's purchased home in 1996 for approximately $188,000
2) 2008 Parents added their 4 adult kids to the deed (only parents lived at home, 4 kids each have own home).
3) Father (87) passed first from Covid in December 2020 (one sister stayed/lived there to be caregiver between March 2020 to July 2022. She went back and forth between her own home and parent's home).
4) Mother (86) passed in July 2022
5) Sister did not vacate parent's home until March 2024
6) Parent's home sold in August 2024 for approximately $447,000
7) Proceeds split evenly between the 4 remaining joint owners / kids approximately $102,000
😎 Did not receive 1099-S (read we should received but have not).
My questions are:
-What is my cost basis or adjusted basis; our R/E agent was also saying something about step-up basis?
-Then online research mentions we need to know the FMV of the home at date of deaths (2020 or 2022)?
-How do I determine the FMV of the home in 2022 (would an online valuation be okay? Trying to avoid hiring an appraiser if possible.
-I did an online home valuation that gave an average for parent's home value in July 2022 of $404,000; can this value be used for IRS FMV?
-What $ numbers do I need to fill in on Turbo Tax?
I'm sorry this is stated so factual but I didn't want to make reading it so convoluted with unnecessary words and details. I'd appreciate any help or information. Thank you.
