Hwill21
New Member

Deductions & credits

Thank you. Useful information on capital costs for basis - basically I think I have to put capital improvements and selling costs all in the one line.

 

Regarding capital exclusion, lawyer says it is not a grantor's trust, but didn't answer whether exclusion may still apply as a 'substantial owner' - but it looks like Turbotax defaults that if not grantors, then exclusion doesn't apply.  (I don't think this is correct...)

I think I will need in-person tax professional help to answer that...