Facts:
Parents purchased this home in 1967 for $16500 + closing costs
My father gifted this home to me for $1 in 2004 after my mothers' passing
My father lived in this home as a lifetime tenant until his passing in 2016.
The house has remained vacant until 2022, when it was sold
In 2022, I sold the home for $150K
Since 2004, I have updated/repaired elements of the interior/exterior and utilities to prep the home for sale.
I have been using IRS pub 523 for guidance as well as TurboTax program help dialogs, but am not sure how to proceed. I have kept good records of home updating so I know what I can deduct.
Do I use the original price of the house from 1967? or determine FMV from 2004? as basis to calculate gains?
