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Can I adjust the cost basis of an inherited home by the Escrow fees and taxes itemized on a "Seller's Closing Statement"? Are these "Selling Expenses" in Turbotax?
This house was inherited due to death. The FMV at time of death was $500K. The selling price was $505K. The capital gain is $5K. Escrow taxes/fees/commissions, etc are about $33K. Can I adjust the cost basis by these expenses, which will in turn, give me a capital loss? The area to report "Selling Expenses" in Turbotax notes "These are not common..."
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‎June 1, 2019
10:01 AM