Question for expert

[MDS3]

My husband & I owned a second (Vacation, not rental) home in Florida. I am a Massachusetts resident. My husband died in early December, 2023. I sold the home at the end of December, 2023. Do I get a one-half step-up in basis and does my cost basis include improvements?  How do I account for this on Turbotax Online?

[tagteam]

I am very sorry for your loss.

Read the post marked "best answer" by @AmeliesUncle in the thread below.

Solved: My wife died in 2022. In Turbotax, how can I Step Up the cost base of our rental property to...

Note that you might want to switch to a desktop version of TurboTax for your scenario.

Otherwise, you do get a step up of one-half in basis (that you acquired through your late husband). The one-half you so acquired would be one-half of the fair market value on the date of his passing.