@SusanY1 - THANK YOU for your response.
However, I'm a bit confused when you say "All of the repairs, maintenance, and improvements to the property can be added to the basis...". Does that mean the FMV on the date of death actually increases?
For example, the FMV on the DOD is $200,000.
House sold @ $225,000.
Realtor commission 5% = $11,250
New HVAC = $5,000
Repairs, Painting and Power washing = $15,000
When I enter the values in TurboTax - my net proceeds will be: $193,750 and the FMV is $200,000 - resulting is a capital loss of $6250. Is this correct?
