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Turbo tax is asking me from the cost of my home. My dad bought it in 76 & gave it to me 16 yrs ago. I did not pay for my home. What do I put in the cost of home box?

 
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rjs
Level 15
Level 15

Turbo tax is asking me from the cost of my home. My dad bought it in 76 & gave it to me 16 yrs ago. I did not pay for my home. What do I put in the cost of home box?

Since it was a gift, your cost is the amount that your father paid for it. You add to that the cost of any additions or improvements that he or you made.


On the screen that asks for the cost, there is an EasyGuide that will help you determine the cost.

 

I assume you are asking because you sold or are about to sell your home. If the question relates to business use of your home or converting it to a rental, the answer might be different.

 

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