Turbo Tax: For a community property, after entering the step-up home price as the original purchase price, on the home sale worksheet "Adjusted Cost Basis," there is a question regarding if you inherited a home, enter the amount and description. Do I enter the step-up price here also ?
Yes, in the worksheet, turbotax ask the amount to enter each items. Before going into their worksheet, at the top, there is a place to enter the original purchase price, I entered the step-up value there. Then go through the worksheet as they ask for permanent expenses etc. then go to the inheritance worksheet page, my question is, Do I enter here as the Inheritance, the step up home value here also? Or is this a redundant entry?
Is the Community property step up considered as the inheritance?
Thank you,
I am using the TurboTax "EasyGuide" , to help calculate Adjusted cost Basis." guidance. My quetsion is coming from there. I have been calling this as worksheet, but I may be wrong. Is this called interview? If so, my entry question is coming from this. Thanks for your help.