You'll need to sign in or create an account to connect with an expert.
Since it would be over two years from the time of his passing your exclusion amount is $250,000
So if he passed in 2018 an you sell in 2021 you are limited to $250K however you got a step up in basis in 2018 due to his passing ... here is a very simple example:
You bought the home together for $100K so you each had a basis of $50K.
In 2018 the home is worth $400K so you inherited 1/2 of the DOD FMV which is $200K + your $50K basis for a total of $250K.
Now you can sell the home for up to $500K without paying taxes. Of course this is a simple what if ... you also have to add in then closing costs to buy & sell and any improvements you made over the years you owned it.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
obeteta
New Member
Rocketman1963
New Member
nelliecruise
New Member
rooksmith
New Member
Chccwilson
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.