in Education
326892
You'll need to sign in or create an account to connect with an expert.
However, the rules permit you to deduct from that income any expenses incurred prior to the decedent's death but paid over the year after the decedent's death.
In this case, the amount of the expenses cannot exceed the amount of the inheritance (which was the FMV on the date of death), because TurboTax is going to subtract the expenses from the inherited amount, and this cannot be less than zero.
So either reduce the amount of expenses to the FMV on the date of death or enter the correct FMV on the date of death (yes, it says FMV at the end of the year, but it should be the date of death).
However, the rules permit you to deduct from that income any expenses incurred prior to the decedent's death but paid over the year after the decedent's death.
In this case, the amount of the expenses cannot exceed the amount of the inheritance (which was the FMV on the date of death), because TurboTax is going to subtract the expenses from the inherited amount, and this cannot be less than zero.
So either reduce the amount of expenses to the FMV on the date of death or enter the correct FMV on the date of death (yes, it says FMV at the end of the year, but it should be the date of death).
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
anonymouse1
Level 5
in Education
currib
New Member
m-kominiarek
Level 1
veryfast
New Member
jamie2082
New Member