gbtrx96
New Member

Deductions & credits

Thank you! So using TurboTax Deluxe downloaded version, the only questions asked are NET Proceeds and FMV of the home at time of inheritance. 1099-S has GROSS proceeds of $74,500. There is no place in the guided entry of information to enter alterations to the FMV to change the basis based on improvements.  Do I simply enter the adjusted basis when it's asking for FMV of the home when it sold?  And is NET proceeds box in TurboTax asking for GROSS proceeds from 1099-S?  Entering the numbers as such gives me the $2715 overall gain, but I'm not technically answering the exact questions asked by the software. Am I okay in doing this?