Still don't know how to answer turbo taxes question regarding the K-1 form that asks ........
"Enter the portion of the gain from asset acquired after December 31, 2011".
I don't think this question applies to the sale of a house in an estate but here is what I know..................The house was built in 1976 and paid off long before my father died. I was not aware of the capital gain until December 15, 2021.
My best guess is the portion I need to enter is the entire portion of 100% which equals $30,569 but I would like a professional or someone in the community to confirm that before I send in my taxes. I do not want to pay for an accountant to do this that is why I pay Turbo Tax an arm and a leg to do it myself in the first place. It should not be this hard to get an answer from Turbo Tax or Turbo Tax community!!!!!
The house gained $30,569 from the original appraisal upon his death October 2017 through nearly a 4 year period before the house was sold in May 2021.
What is the asset? Is it the total sum the proceeds from the estate or just the total sum of the one time capital gain from the sale of my deceased father's home? What does the date of December 31, 2011 have to do with a one time and final disbursement of funds from an estate?
