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My husband died 1/29/2017. We owned a second home which I…

My husband died 1/29/2017...

My husband died 1/29/2017. We owned a second home which I subsequently sold. The title to the home was in both of our names. I am reporting the sale on Schedule D. is the basis of the home adjusted to the FMV at the time of death. Arizona is a community property state.

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

It was a modular home, licensed by the DMV. I don't know if this is relevant.

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3/12/2018
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
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For community property states your husbands half of the modular home will step up in basis to the fair market value at his date of death.

Your cost basis will be your half of the properties original purchase price half of the cost of any improvements you did to the home over the years.

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Was the modular home your personal residence for at least two out of the previous five years?

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Customer reply replied 4 months ago
I cannot truthfully say that it was our primary residence. We owned it for 2 years.
Customer reply replied 4 months ago
I do not want to call at this time.

I was checking to see if you met the exclusion of income.

Your combined cost basis is as indicated above. Please let me know if you have any questions about your cost basis

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To report the sale of your home use Form 1040, Schedule D.pdf, Capital Gains and Losses, and Form 8949.pdf, Sales and Other Dispositions of Capital Assets

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Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,643
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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