Thank you so much AmeliesUncle,
Your instructions were so clear and I entered everything in TT as you advised.
I have two questions:
1. When I sell the rental property, am I correct to assume that Turbo tax will calculate properly the tax on the gain including recapturing depreciation in the two assets (my old half and my husband 1/2 stepped up) when I report the Property as sold?
2. Do I need to do anything regarding stepped up basis on my Primary Residence? If yes, how do I report it in TT? If not now, how do I deal with it when I sell it? I dont plan to sell it for quite some time, but I am afraid that by the time I sell it, I will be over the $250K tax exclusion.
Thank you so much.
