I am using TurboTax for Business to report sale of mothers home in 2024. Home was held in a trust since 11/2021. I am one of the trustees. We did not file previously because there were no other assets in the trust.
There is no place I found in the forms to adjust the total basis, reflecting capital improvements over 61 years of ownership. I put an estimate one form line, but Turbox does not use; Turbotax also does not reflect anywhere that first 250,000 of profit (mother is widower, one owner) should be non-taxable. On a 630K sale (about 595K after sales costs, and subtracting adjusted home sale - I end up with a $517K capital gain!
Cannot find any place in the program to put the cost basis adjustments in.
