My father passed away in 2000, so could we apply what is quoted below from the TTLC forum:
"Surviving spouse. If you are a surviving spouse and you owned your home jointly, your basis in the home will change. The new basis for the interest your spouse owned will be its fair market value on the date of death (or alternate valuation date). The basis in your interest will remain the same. Your new basis in the home is the total of these two amounts. If you and your spouse owned the home either as tenants by the entirety or as joint tenants with right of survivorship, you will each be considered to have owned one-half of the home.
Example. Your jointly owned home (owned as joint tenants with right of survivorship) had an adjusted basis of $50,000 on the date of your spouse's death, and the fair market value on that date was $100,000. Your new basis in the home is $75,000 ($25,000 for one-half of the adjusted basis plus $50,000 for one-half of the fair market value)."
Does that mean if my parents bought the house in 1979 for $80,000, and when my father passed away in 2000 the fair market value of the house was $240,000, so the new total basis would be $160,000? Do I put this amount in the software section: "Sale of Home (gain or loss) / Tell Us About the Purchase of Your Home / Adjusted Cost Basis" under the Wages and Income tab? Thank you for your support.
