☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 1, 2019 9:23:57 AM

Basis for real estate sold by an estate

I am personal representative for a relatives estate. The estate is selling the decedent's primary residence. Does estate get a step up in basis or can it use the capital gains exclusion for primary residence?

0 2 6303
1 Best answer
Expert Alumni
Jun 1, 2019 9:23:59 AM

Since the estate is selling the decedent's primary residence, the estate can use the 'stepped up' basis.

If the home had sold the same year the decedent passed away, on the decedent's individual return, the primary residence exclusion could have been used.

Here's more info:

https://turbotax.intuit.com/tax-tips/rental-property/cost-basis-tracking-your-tax-basis/L4i1f9qB1

2 Replies
Expert Alumni
Jun 1, 2019 9:23:59 AM

Since the estate is selling the decedent's primary residence, the estate can use the 'stepped up' basis.

If the home had sold the same year the decedent passed away, on the decedent's individual return, the primary residence exclusion could have been used.

Here's more info:

https://turbotax.intuit.com/tax-tips/rental-property/cost-basis-tracking-your-tax-basis/L4i1f9qB1

Returning Member
Mar 24, 2023 9:28:14 AM

I sold income property. Which Turbotax 2022 should I use?