My daughter inherited a mobile home on 11/1/22 and sold it for $25,000 on 11/17/22 (total estate under $50,000 so no probate). When she files for capital gains in 2023, what cost basis should she use if there was no assessment or fair market value at time of death?
Your message says "As you are aware, the cost basis of the home is its value at the time of the decedent’s death. Since the selling price, if obtained soon after that death, is a true indication of the home’s value, that figure is more accurate than that of an appraiser." So would $25,000 for cost basis be acceptable (and legal) to the IRS on forms 8949 and schedule D? Or is this unacceptable?
Thank you
