The craziness in using an original basis from the initial purchase in 1966 it two fold. There have been multiple improvements and improvements to improvements! The house had central heat and air added over the years and the unit has been replaced multiple times over 56 years as you can imagine. There have been a few remodeling and additions over the years. Not bringing the original price and the multiple additions up to now year dollars vs then year dollars (over several points in time) makes it hard. Certainly maintaining receipts for all these events is an impossibility too. My brother and I assisted with or financed several of these upgrades too. Thanks for your inputs. I am looking for a good accountant and attorney here. The implied life estate sure would simplify matters.
