Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
john-brooks
New Member

If we sold a home in 2017 the adjusted cost basis appears to have already been calculated, but can we check to ensure 100k in improvements are included? It looks missing

we sold a house in 2017 - the adj cost basis was input automatically by turbotax, but looks extremely close to our orig purchase price in 2006, but not reflecting our $100K in improvements.  I went to the form view - and the ACB worksheet quickzoom button does not work, so I can't see how that number was calculated.  This makes a substantial differential in capital gains assessment if calculated incorrectly and we can't fix it.  Help!

1 Best answer

Accepted Solutions
Coleen3
Intuit Alumni

If we sold a home in 2017 the adjusted cost basis appears to have already been calculated, but can we check to ensure 100k in improvements are included? It looks missing

There are different entry points for improvements depending whether it is rental property, primary personal residence or second home. See below for personal:

If you still need to enter your sale of your primary residence (which may require an upgrade in TurboTax), please follow these steps:

  1. Once you are in your tax return (for TurboTax Online sign-in, click Here), click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
  3. Next click on “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Less Common Income”
  5. Choose “Sale of Home (gain or loss)” and select “start’
  6. You will want to use the "Easy Guide" to determine the adjusted basis on this home 

Say "yes" that you sold your main home and TurboTax will guide you on entering this information.  You will need:

  • The date you sold your home and the selling price (from your closing statement)
  • The date you bought your home and the purchase price (from your closing statement)
  • The cost of any major improvements you made, so we can deduct them for you
  • Form 1099-C if you sold your home at a loss (short sale)

(See the attached screenshot below. Click to enlarge.)

Just remember to check the box to have your home sale reported on your tax return but ONLY if you receive a 1099-S

View solution in original post

2 Replies
Coleen3
Intuit Alumni

If we sold a home in 2017 the adjusted cost basis appears to have already been calculated, but can we check to ensure 100k in improvements are included? It looks missing

There are different entry points for improvements depending whether it is rental property, primary personal residence or second home. See below for personal:

If you still need to enter your sale of your primary residence (which may require an upgrade in TurboTax), please follow these steps:

  1. Once you are in your tax return (for TurboTax Online sign-in, click Here), click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
  3. Next click on “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Less Common Income”
  5. Choose “Sale of Home (gain or loss)” and select “start’
  6. You will want to use the "Easy Guide" to determine the adjusted basis on this home 

Say "yes" that you sold your main home and TurboTax will guide you on entering this information.  You will need:

  • The date you sold your home and the selling price (from your closing statement)
  • The date you bought your home and the purchase price (from your closing statement)
  • The cost of any major improvements you made, so we can deduct them for you
  • Form 1099-C if you sold your home at a loss (short sale)

(See the attached screenshot below. Click to enlarge.)

Just remember to check the box to have your home sale reported on your tax return but ONLY if you receive a 1099-S

john-brooks
New Member

If we sold a home in 2017 the adjusted cost basis appears to have already been calculated, but can we check to ensure 100k in improvements are included? It looks missing

big help - thank you!
Dynamic AdsDynamic Ads
Privacy Settings
v