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Level 2

Solved

adjusted cost basis

1 reply
57 views

We inherited a home and made improvements prior to selling. How do I add the costs of the improvements to adjust the cost basis?

Level 15

Expert Reviewed

when you enter its tax basis, it will be the FMV on the date of death + the cost of subsequent improvements. There's no requirement to split these out, so you can enter as a single number. Is there something that is preventing you from doing this, is so please advise.

Mike9241

Answer

Level 15

Expert Reviewed

when you enter its tax basis, it will be the FMV on the date of death + the cost of subsequent improvements. There's no requirement to split these out, so you can enter as a single number. Is there something that is preventing you from doing this, is so please advise.

Mike9241