Thanks for all of the great information. Since they purchased the house in 1964 ($13,500) determining the correct cost basis will make a big difference in the amount of capital gains.
Once he passed I never used the home as my residence. I had it appraised and sold to nephew within months of his passing.
From what I hearing there are 3 options to determine the cost basis
50% of the value when they purchased it in 1964 plus 50% of value at time of his passing
50% of the value when I was added in 2008 plus 50% of the value at time of his passing
100% of the value at the time of his passing
All 3 will have very different results in the amount of taxes paid. I'm just trying to figure out the correct one.
