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Deductions & credits
I was going through the formula and realized FMV at time of death was not (obviously) included. Would I add the cost basis as of 2019 to step up basis to get the DOD value?
For example:
price of home 30k
+ cost to buy - 2k (etimating real estate fees at time)
+ improvements thru 2019 - 100k (estimate)
= cost basis as of 2019- $132k
Would i then add FMV at time of death (~450k from zillow/redfin) to the cost basis (132k) to get DOD value (582k)?
May 2, 2023
6:58 AM