Hi CY110,
It sounds like a very nice investment on this sale. You mentioned that it was received or passed to you via deed.
If the home was passed to you directly through a death, it is possible that the property, in your hands, would have the save basis as that of the previous owner. This concept is know as 'stepped up basis'. If that is your case, then you would want to know what was the appraised value of the property at the point at which you received it. This value, becomes your value, in 1999.
If that is your situation, The value in 1999 plus any improvements made by you since that time would increase your basis or cost in the property and would mean less capital gains for you at the time of sale.
Good luck to you!
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
