Sold a second home in 2017 that inherited in 2013 for a net of $121,604.02. It was appraised in 2013 for $109,000, I have improvements of $14162.38. What is the basis?
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Sold a second home in 2017 that inherited in 2013 for a net of $121,604.02. It was appraised in 2013 for $109,000, I have improvements of $14162.38. What is the basis?
No 1099 provided, just settlement sheet. I do not see where it include improvements that were made. It seems that the appraisal plus the improvements should be the cost basis, but I am confused.
Sold a second home in 2017 that inherited in 2013 for a net of $121,604.02. It was appraised in 2013 for $109,000, I have improvements of $14162.38. What is the basis?
The basis the Fair Market Value on the date of death plus the amount of your improvements.
It is not the cost basis, it is the adjusted basis. If the question just asks for cost and doesn't adapt for improvements, use the adjusted basis.
Sold a second home in 2017 that inherited in 2013 for a net of $121,604.02. It was appraised in 2013 for $109,000, I have improvements of $14162.38. What is the basis?
The basis the Fair Market Value on the date of death plus the amount of your improvements.
It is not the cost basis, it is the adjusted basis. If the question just asks for cost and doesn't adapt for improvements, use the adjusted basis.
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