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Deductions & credits
Hi ThomasM125 -
This definitely was the answer. The important note being that anything that appreciates in value is capped at 30%. These items were inherited so when turbo tax was asking for purchase price I had entered zero. Therefore any value from the item is considered appreciation and therefore capped (as you noted) at the 30%.
Wish TurboTax did a better job explaining that. It's a simple detail that can make a big difference. At least in my case.
Thanks again for your help!
March 27, 2025
6:37 PM