Update cost basis of home sold

Forum|Forum|1 year ago
March 20, 2025
1 reply
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I need to update the cost basis of home sold. I can't get into the details when I go to the edit function. How do I get do the numbers for this transactions so I can update the cost basis. All I get when I use the edit function is a lot of questions. I need to get to the numbers.

DoninGA

Employee

If this was the sale of a personal residence in 2024, then you need to edit the Adjusted Basis of the home that was sold. You will need to follow the Home Sale interview until you get to the section of entering your Basis.

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income
On Sale of Home (gain or loss), click the start or update button

gsd107Author

I tried using the edit link, but I'm unable to enter the area where I can update the major improvements made to the sold home. It only provides the adjusted home value, with no option to change the numbers.

JotikaT2

You may need to review where you entered your home sale information.

Follow the steps provided by DoninGA above to get to the correct input section. There is an option that looks like the following to enter the sale of your home.

Then, proceed through the screens until you see "tell us about the purchase of your home." On this screen, there is a box titled Adjusted cost basis that can be changed. Be sure to click on this box to edit your cost basis amount.