@ddsnyder wrote:
My father lived in this home as a lifetime tenant until his passing in 2016.
If your father had a life estate (expressed or implied), then your basis would be the fair market value on the date of his passing in 2016.
See https://www.law.cornell.edu/cfr/text/26/20.2036-1
Clearly, you would most likely want to take the position that your father retained a life estate since that would give you a basis that would be stepped up to FMV in 2016 (the date of death of the life tenant).
