Basis of Home (Estate Taxes using Turbotax Business

Forum|Forum|2 years ago
April 15, 2024
1 reply
0 views

I'm doing the taxes for my father's estate. The estate is pretty simple with only INT and DIV. But we did sell his mobile home. I am at the 'Enter Basis of Home' section. I have entered the sale price and the expenses, but I'm not sure what he originally paid for the home and there was no property taxes valuations since there was no property tax paid on it due to it being registered through the state, so I can hardly estimate what it was worth. The only real fact I know is what it sold for.

How am I supposed to estimate the Basis of Home? Should I use the referee's valuation, which was completely undervalued from the actual sale? Or the sale price?

Any help would be greatly appreciated.

Thank you

TurboTax Business Windows

Best answer by DavidD66

There is an increase in basis to the fair market value on the date of your father's death. It is probably very close to, if not the same, as the sales price.

DavidD66Answer

There is an increase in basis to the fair market value on the date of your father's death. It is probably very close to, if not the same, as the sales price.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"