My cousin and I inherited my uncle’s house when he passed in 2025. It sold for $70K in 2025, was worth $55K, at the time of the sale, and the only improvement we made was a wheelchair ramp for about $150. Total costs to sell the property (based on the title company’s info) was $4888.87. Line 2 on the 1099-S is showing gross proceeds of 35K for each of us. My question is: when it comes to “Other increases to home adjusted cost basis,” on the TurboTax form, what do I put in that line? My uncle purchased the home in 2012 for $37,795 and the payoff on the house was $26,966.88 when he passed. So each of us ended up with a check for $19,072.12. It’s splitting all of this in half that’s really throwing me, plus the “other increases to base amount.” Thank you so much!
