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Community Property, personal home sales, do I enter the step up home price as inherited home in worksheet, also?

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 ?

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5 Replies

Community Property, personal home sales, do I enter the step up home price as inherited home in worksheet, also?

Did you enter the figure directly on the worksheet?

 

You should be using the interview.

Community Property, personal home sales, do I enter the step up home price as inherited home in worksheet, 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,

Community Property, personal home sales, do I enter the step up home price as inherited home in worksheet, also?


@zeishinkoku2020 wrote:

Is the Community property step up considered as the inheritance?


Acquired by a decedent is the rule for the basis adjustment so, yes.

 

Regardless, you should be using the interview rather than entering figures on the worksheets.

Community Property, personal home sales, do I enter the step up home price as inherited home in worksheet, also?

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.

Community Property, personal home sales, do I enter the step up home price as inherited home in worksheet, also?

That is the interview and just enter your adjusted basis once.

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