After the death of my wife I converted my home to rental property. In the Turbo Tax section Tell Us About This Rental Asset I must enter the COST: The amount you paid for it. Also Date Purchased or Acquired. I originally paid $320K in 1994 when I purchased the property. I am allowed a step up in basis to the current market analysis on the date of my wife’s death 3/28/2012. Which is $600K.
My question is can I enter the stepped up bases cost $600K and a Date purchased 3/28/2012?
