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Get your taxes done using TurboTax
Sorry for your loss. When your mom died the house got a step up in value. So that is now the new Cost basis. You can forget about the original cost. So if it was worth 200,000 when she died that is the new basis (cost). So if it sold for $225,000 you only have a 25,000 gain.
‎April 3, 2024
11:51 AM