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You need to document the cost basis before anything.
As you indicated, there are certainly records pertaining to the price when the sale and purchase (deed) was recorded years ago (transfer tax stamps, perhaps).
Ok. Thanks so much for your patience and your knowledge. I will see if I can pull the original sale information and proceed from there.
Good luck and you are most welcome.
One more thing. I am in Turbo Tax 2023 doing a mock return to give me an idea of whether or not we need a 9/15 estimate. I am stuck on the question "Did you Use This Home for Anything Other Than Your Primary Home?
I'm thinking I need to say no here, because according to your note on that page it talks about rentals or vacation homes. Nothing about using a small percentage for a business. Is that the correct assumption on that?
If you need to enter an accumulated depreciation figure then you need to answer in the affirmative.
actually either yes or no will get me to the accumulated depreciation screen. I think I like the NO button because the YES button wants me to tell them how many days the house was used for other purposes and I'm sure she has no clue for that answer. LOL
Understood. As long as you get that screen the NO button will work just fine.
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